Bitcoin advocates say they maintain confidence in the largest crypto asset despite a nearly 17 percent drop in the last seven days. While this decline was recorded as the harshest weekly performance since July 2024, approximately 200 billion dollars were erased from the total market value. According to CoinDesk data, bitcoin is trading below $60,000; It has lost approximately 27 percent of its value in the last month and more than 50 percent compared to its peak seen on October 6.
Prominent statement against sales pressure
One of the prominent views in the market is that the problem is not directly tied to Bitcoin but to the global liquidity flow. The group known as Bitcoin maximalists, who argue that Bitcoin is the only crypto asset that can achieve permanent global adoption, argue that speculative capital is leaving the crypto market and turning to the theme of artificial intelligence. According to them, the current situation reflects a temporary cash contraction rather than a structural loss of confidence.
Quantum Economics founder and market analyst Mati Greenspan said that the downward trend in the bitcoin price is not due to investors losing faith, but because artificial intelligence has become the dominant address for speculative capital.
Greenspan stated that Bitcoin does not have a Bitcoin problem, the real issue is on the liquidity side. He stated that artificial intelligence has become the new obsession of the market, but such periodic trends may not be permanent.
The outflows seen in spot Bitcoin ETFs in the USA also feed this debate. There was a total outflow of $3.45 billion in these funds during 11 trading sessions. During the same period, interest in technology stocks remained strong on Wall Street. In the last year, Nasdaq rose 34 percent and the S&P 500 rose nearly 24 percent.
AI IPOs and notable capital flows
Greenspan argued that one of the strongest signs of where market liquidity may have shifted is Anthropic’s preparations for a $50 billion IPO and a valuation target of nearly $1 trillion. The expected IPOs of OpenAI, Anthropic and SpaceX could attract over $200 billion in total; It is evaluated that this may shift investor interest towards artificial intelligence and technology.
Mini glossary: Spot Bitcoin ETF is an exchange-traded fund that directly tracks the price of bitcoin. IPO means that a company offers its shares to the public for the first time.
Jameson Lopp, one of the Bitcoin core developers, also said that investors look for a simple reason during downturns, and that the bear market effect and the rise of artificial intelligence on the traditional finance front should be evaluated together in the current situation.
Not everyone agrees
In contrast, some market observers argue that Bitcoin’s weakness cannot be attributed to the artificial intelligence theme alone. AdLunam co-founder Jason Fernandes noted that the pressure on the asset is multifaceted. The view that ETF outflows, high interest rates, persistent inflation, a return to technology stocks and macroeconomic uncertainties are simultaneously effective comes to the fore.
Fernandes stated that BTC is currently under pressure from all directions, and that ETF outflows, high interest rates, rising inflation, money shifting to technology stocks and the psychological impact of Michael Saylor’s sale on Strategy are felt together.
Strategy has also been at the center of discussions in recent days. The company, which is the largest publicly traded institutional Bitcoin investor, earned $2.5 million by selling 32 bitcoins in late May. This transaction was recorded as the first sale in the last four years. The sale was reportedly made to finance dividend payments for the perpetual preferred stock called STRC, known as Stretch.
Greenspan argued that the impact of this sale was exaggerated. According to him, the sale of 32 BTC, against a balance sheet exceeding 843,000 BTC, is extremely limited in the total picture. However, it is stated that a return to the crypto market may not be easy in the short term, and even a possible dissolution in the artificial intelligence theme may first weaken the risk appetite in general.
Some Bitcoin advocates think that long-term fundamentals are intact and the current sideways trend can be seen as an accumulation area. However, Greenspan also emphasized that caution should be exercised against assuming that the bottom level is certain.
