Bitcoin has been edging lower for six straight weeks, briefly falling below $70,000 intraday, and is down more than 6% this week. Meanwhile, what’s happening with AI stocks in the U.S.? CoreWeave reported a 168% year-over-year surge in revenue and raised its guidance, while the Philadelphia Semiconductor Index jumped 4.5% at the open. It’s not that investors are afraid to take risks; they just see more certainty in AI. BTC can’t offer anything like “revenue up 168%,” and this year risk-seeking capital has found a better place to go.
The data from ETF channels is even more telling. U.S. spot Bitcoin ETFs saw $1.28 billion in net outflows in a single week, BlackRock’s IBIT bled assets for several days in a row, and cumulative flows for 2026 have turned negative. Tokenized U.S. stocks are pulling crypto money straight out of the crypto ecosystem. Previously, capital stayed within crypto, moving from BTC to stablecoins and DeFi for shelter. Now even the “safe haven within crypto” route has been hijacked by Wall Street. Wintermute put it bluntly: retail enthusiasm for surging U.S. stocks is draining liquidity from crypto markets, and the two have shifted from “rising and falling together” to a seesaw relationship.
Lately, gold has been holding up better than Bitcoin, dealing a direct blow to the “digital gold” narrative. Gold is supported by sovereign buying driven by central-bank purchases, de-dollarization, and geopolitical hedging. BTC, by contrast, is treated as a high-beta risk asset: when rates tighten and risk appetite retreats, it falls faster than anything else. On top of that, the Clarity Act was blocked in the Senate by a single vote, prolonging the regulatory vacuum and leaving institutions with no “compliance narrative” to trade on. And after Trump suffered a major defeat in the midterm elections, crypto collapsed along with him.
In today’s Bitcoin price action, the bulls have been thoroughly washed out—but often, this is also the bears’ last dance. It has been more than a month and a half since the end of September, when a pullback in Bitcoin’s daily chart segment was flagged. A rebound could emerge as early as mid-November, or as late as the end of November. The daily chart has yet to show a stabilization structure or a repaired pattern, so right-side traders still need to wait patiently. In the short term this afternoon, simply watch for an upswing in the five-minute chart segment.
$BTC
The data from ETF channels is even more telling. U.S. spot Bitcoin ETFs saw $1.28 billion in net outflows in a single week, BlackRock’s IBIT bled assets for several days in a row, and cumulative flows for 2026 have turned negative. Tokenized U.S. stocks are pulling crypto money straight out of the crypto ecosystem. Previously, capital stayed within crypto, moving from BTC to stablecoins and DeFi for shelter. Now even the “safe haven within crypto” route has been hijacked by Wall Street. Wintermute put it bluntly: retail enthusiasm for surging U.S. stocks is draining liquidity from crypto markets, and the two have shifted from “rising and falling together” to a seesaw relationship.
Lately, gold has been holding up better than Bitcoin, dealing a direct blow to the “digital gold” narrative. Gold is supported by sovereign buying driven by central-bank purchases, de-dollarization, and geopolitical hedging. BTC, by contrast, is treated as a high-beta risk asset: when rates tighten and risk appetite retreats, it falls faster than anything else. On top of that, the Clarity Act was blocked in the Senate by a single vote, prolonging the regulatory vacuum and leaving institutions with no “compliance narrative” to trade on. And after Trump suffered a major defeat in the midterm elections, crypto collapsed along with him.
In today’s Bitcoin price action, the bulls have been thoroughly washed out—but often, this is also the bears’ last dance. It has been more than a month and a half since the end of September, when a pullback in Bitcoin’s daily chart segment was flagged. A rebound could emerge as early as mid-November, or as late as the end of November. The daily chart has yet to show a stabilization structure or a repaired pattern, so right-side traders still need to wait patiently. In the short term this afternoon, simply watch for an upswing in the five-minute chart segment.
$BTC