Foreign media, citing PrimeXBT analysis, reported that Bitcoin has historically been viewed as a highly resilient asset during periods of increased risk appetite, often rising in tandem with tech stocks. However, this correlation has weakened significantly recently. While the Nasdaq continues to reach new highs driven by AI concepts, Bitcoin has weakened after falling below $70,000, declining by over 40% from its October high.

The article argues that what deserves more attention right now is not why US stocks are so strong, but why Bitcoin has not kept up with this rally that one should typically participate in.

ETF outflows and liquidations intensify

From the demand side, Bitcoin has been under significant pressure recently. The US spot Bitcoin ETF recorded its largest monthly net outflow this year in May, and on-chain spot buying has remained weak. Meanwhile, Strategy, known for its "buy-only" approach, reduced its Bitcoin holdings for the first time this year, which is seen as a signal of weakening market sentiment.

After prices fell below $70,000, the market saw its most significant round of long liquidation this year. Based on this, the article concludes that the current situation is not due to active buying, but rather an overall wait-and-see attitude among investors.

AI concept stocks are supported by earnings.

The article points out that this round of US stock market gains is not a broad-based phenomenon, but rather mainly concentrated in a few large technology companies, especially chip manufacturers and cloud computing companies building data centers. A key reason why the market continues to favor these stocks is that these companies themselves have profitability and cash flow, and their capital expenditure expansion is supported by performance.

In contrast, Bitcoin does not generate cash flow. When the macroeconomic environment becomes cautious, it relies more on market sentiment and liquidity than on corporate profits for support. This has led to a significant divergence between the two asset classes, which were originally correlated in price movements, recently.

Mining companies shift resources towards AI computing

The article also mentions that the AI boom's impact on the crypto market is not just about changes in funding preferences, but also about the reallocation of resources by mining companies. After the 2024 halving, mining companies' profit margins were squeezed, and more and more listed mining companies began to shift their electricity, land, and capital towards AI and high-performance computing businesses, rather than continuing to simply expand computing power.

According to data in the article, listed mining companies have signed AI and computing-related contracts worth over $70 billion. Companies such as TeraWulf, IREN, Core Scientific, and Galaxy Digital have all provided some of their energy capacity to AI tenants through long-term agreements.

This shift has also brought about changes at the on-chain level. The article states that in the first quarter of 2026, listed mining companies sold a record amount of Bitcoin, even exceeding the quarterly levels during the Terra crash in 2022; during the same period, the Bitcoin network hashrate also experienced its first quarterly decline since 2020.

$70,000 becomes a resistance level

Beyond industry factors, the article argues that the deeper driver remains global liquidity. PrimeXBT cites market research analysts who suggest that the global liquidity cycle may have peaked in 2025 and is now in a downtrend. In this environment, assets like Bitcoin, which are highly sensitive to liquidity and do not generate returns, typically face pressure earlier.

In terms of price performance, the Nasdaq has risen by approximately 35% since its low point at the end of March and is currently still hovering near high levels. Bitcoin, on the other hand, quickly declined after breaking below the $70,000 support level on June 2nd, retesting the lower end of the $62,000 range. The article states that $70,000 has now become a resistance level, while $60,000 has once again become a key support area of concern for the market.