Bitcoin confirms a fresh TBO Breakdown as stablecoin dominance breaks higher

LONDON, June 5 (Reuters) - Bitcoin is heading for its worst performance for this point in the year in at least a decade, as booming AI stocks and a series of glittering upcoming new ​listings such as SpaceX lure away capital from the world's largest cryptocurrency.Its price has tumbled around 15% this week, the most since November 2022, when ‌trading platform FTX imploded. At around $63,000, bitcoin has lost a third in value so far in 2026, more at this point in the year than at any time since at least 2015, LSEG data shows.Adding to the pressure, Michael Saylor's Strategy &lt;MSTR.O&gt;, the largest corporate holder of bitcoin, disclosed on Monday that it had sold, opens new tab some of the holdings for the first time since 2022."It is instructive to see how assets can ​struggle as they move from being the flavour of the month to being suddenly out of fashion," RBC BlueBay Asset Management chief investment officer, fixed income, Mark ​Dowding said in a blog.Here's how the landscape for bitcoin, which hit record highs above $125,000 late last year, is shifting.THE PRICE ISN'T RIGHTBitcoin ⁠is around 40% lower than where it was when U.S. President Donald Trump took office in January 2025, having vowed to make the U.S. the crypto capital of the ​world. A slew of crypto-friendly appointments to key roles in regulatory and financial roles boosted bitcoin sentiment at the time.But with big institutional players and investment banks heavily involved, as well ​as liquid exchange-traded products, the very things that made bitcoin so appealing as a potential portfolio diversifier - its high volatility and lack of correlation with other asset classes - have diminished.Crypto options trading platform Deribit's DVOL index of implied volatility in bitcoin options is currently around 47, its highest since early April, but not far above a record low around 31 struck in late May. Since its launch in 2021 ​until around April last year, the index barely fell below 50.In terms of correlation, prior to 2020, bitcoin had no set relationship with the S&amp;P 500 (.SPX). But for most ​of the last six years, the two have moved in lockstep. This relationship has flipped into deeply negative territory recently, as the AI-driven stocks bull-run roars on, while bitcoin lags. COMPETITION AMONG STABLEMATESGone are ‌the days when ⁠bitcoin accounted for most of the crypto market. The ecosystem now buzzes with large rival coins, such as ether, solana and BNB, and smaller "alt-coins", which now make up a fifth of the total market, according to CoinGecko.The rise of stablecoins, pegged to a fiat currency such as the U.S. dollar, have also hurt bitcoin's market share.According to CoinGecko, bitcoin accounts for 56% of the crypto market, compared with 63% a year ago. The market share of ether and alt-coins has remained roughly steady, while stablecoins now account for almost 13% of the ​market, versus roughly 7% a year ago.Even on ​a daily basis, volume in top ⁠stablecoin tether is more than that in bitcoin and ether together, while volume in runner-up USDC is equal to that in the next 10 coins combined, according to CoinGecko data. FOLLOW THE MONEYIt's also not just other cryptos with which bitcoin must compete for investor cash. ​When the AI story began to take off, with the launch of ChatGPT in late 2022, bitcoin benefited from investment flows seeking ​out all things tech-related.AI ⁠now dominates stock markets, with money piled into the hyperscalers rolling out datacentres, the nuts-and-bolts makers of semiconductors, chips and even copper wire.In the last year, U.S. semiconductor stocks (.SOX), have surged 170%; bitcoin has lost 40%. The capital going into AI-related stocks has to come from somewhere.Investors are pulling cash out of the big bitcoin ETFs at the fastest pace on record, with over $2.7 ⁠billion in ​net outflows in the week to Thursday, LSEG data show. This brings the net outflow for 2026 so ​far to $3.1 billion.The four largest semiconductor ETFs - VanEck's Semiconductor ETF (SMH.O), the Roundhill Memory ETF , State Street's SPDR S&amp;P Semiconductor ETF and iShares Semiconductor ETF (SOXX.O), - have pulled in over $3 billion in the first week of June alone and ​a whopping $21 billion in the year to date. Reporting by Amanda Cooper; Editing by Dhara Ranasinghe and Nick Zieminski

Bitcoin's star fades, as investors flock to lustre of AI and megacap IPOs

Bitcoin breakdown deepens as dominance signals point toward capitulation risk

June 4 (Reuters) - Geoffrey Kendrick, the ​global head of digital assets research at Standard Chartered and one of the most vocal crypto ‌advocates, is sticking with his call for bitcoin to hit $100,000 by the end of the year as the bulk of the selling may be over.The biggest crypto token has tumbled more than 12% in what Kendrick said was a "painful" week, after Michael Saylor's Strategy (MSTR.O), the ​largest corporate holder of bitcoin, disclosed on Monday that it had sold, some of the holdings for the ​first time since 2022."The timing of the sale was a shame," Kendrick wrote in a ⁠note to clients. "This week has been painful in crypto. There is really no other way of putting it."The cryptocurrency ​has lost more than half its value since hitting a peak in October last year, even as President Donald Trump's ​administration has rolled out industry-friendly policies.Kendrick said there is a risk of further selling pressure if bitcoin falls below $60,000, but given how sharply the currency has underperformed equities this year, there are now fewer bullish bets left to be unwound. Bitcoin was last trading around $64,320. It ​has lost about 27% so far this year, while the S&amp;P 500 index (.SPX), has jumped 10.4%. Data from LSEG ​showed that investors were pulling cash out of big bitcoin ETFs at the fastest pace on record, with more than $2 billion in ‌net ⁠outflows in the week to Tuesday.However, "when we look back at the end of 2026 with bitcoin at $100k we will say this was the buying zone we all wanted," Kendrick said.He also expects an "aggressive" buying back of bitcoin from Strategy, citing that the company did so the last time it sold.Strategy's bitcoin holdings have long been viewed as a proxy ​for Saylor's conviction in the ​industry. One of bitcoin's ⁠most influential evangelists, he once posted on X, "Sell a kidney if you must, but keep the Bitcoin."The company said on Monday that proceeds from the sale of bitcoin would be ​used to fund distributions on its preferred stock. The sale represented just 0.004% of ​its total ⁠bitcoin holdings.Strategy's bitcoin holding is worth nearly $54 billion, based on current prices.However, "the significance is symbolic," said Fabien Yip, market analyst at IG Bank."Michael Saylor's 'never sell' position has been a cornerstone of bitcoin's bull narrative, and (the sale) raises questions about whether Strategy ⁠can meet ​preferred dividend obligations without further sale."Strategy's stock has dropped about 17% in ​2026. The stock gained nearly 14% between January and October last year, but later fell in tandem with the massive decline in bitcoin prices.Reporting by Niket Nishant in Bengaluru; Additional reporting by Amanda Cooper in London; Editing by Sriraj Kalluvila

Standard Chartered's crypto bull sticks to $100,000 bitcoin call despite 'painful' week

June 3 (Reuters) - Bitcoin, ​the world's ‌largest ​cryptocurrency ​by market ⁠value, ​on ​Wednesday fell ​4% ​to $64,721.39, the lowest ‌since ⁠February 28. Reporting ​by ​Natalia ⁠Bueno ​Rebolledo ​in ⁠Mexico ⁠City; ​Editing ​by Chris ​Reese

Bitcoin falls 4% to over three-month low

Bitcoin’s bearish momentum accelerates: market analysis

Bitcoin breakdown spurs market rotation: ETH resilience and Altcoin divergence

Crypto SWOT: Tether Holdings said supply of its regulated stablecoin rose nearly 540% month-over-month

Bitcoin tests critical support as market-wide weakness intensifies

Bitcoin's bearish descent deepens as oversold signals mount

Bitcoin eyes resistance after TBO close long confirmation

Crypto SWOT: Binance launched futures tied to SpaceX’s anticipated IPO valuation

Bitcoin nears key TBO close long amid mixed market signals

Bitcoin poised for daily TBO fast line test amid bearish consolidation

Bitcoin nears CME gap resistance; market poised for pullback

Gold remains a tactical long-term asset, but Bitcoin is undervalued right now - ReSolve Asset Management

Crypto rebound underway: Bitcoin and Ethereum lead the charge

Gold, silver rebound as yields ease, Hormuz risk premium narrows - Kitco AM Report

cryptocurrencies

Sections:

Bitcoin's star fades, as investors flock to lustre of AI and megacap IPOs

Standard Chartered's crypto bull sticks to $100,000 bitcoin call despite 'painful' week

Bitcoin falls 4% to over three-month low

Gold remains a tactical long-term asset, but Bitcoin is undervalued right now - ReSolve Asset Management

Gold, silver rebound as yields ease, Hormuz risk premium narrows - Kitco AM Report