PANews reported on June 3rd, citing CoinDesk, that Vetle Lunde, Head of Research at K33 Research, stated that Bitcoin faces a "volatile summer" as funds chase AI stocks. Bitcoin's weakness reflects diminishing institutional demand, significant ETF outflows, and the growing fragility of the derivatives market. The market generally believes that the opportunity cost of holding Bitcoin is too high amid the surge in AI-related assets. Signs of fund diversion are evident. Bitcoin failed to recover its 200-day moving average, while the Nasdaq and S&P 500 continued to hit new highs. Investors are also focused on potential IPOs from companies like SpaceX and Anthropic, further diverting funds from the crypto market. The spot Bitcoin ETF saw a reduction of 62,794 BTC over the past three weeks, marking the second-largest consecutive outflow in history.

K33 previously believed that Bitcoin's drop to around $60,000 in February might have been the biggest pullback in this cycle, but now warns that leveraged long positions are accumulating in a weak market, creating potential selling pressure. Lunde stated that external capital is unwilling to enter, existing holders are reducing their exposure, and the market may be facing a volatile summer.