Bitcoin Lags as Stocks Surge to Record Highs Amid AI Frenzy

Bitcoin's price plummeted over 25% from $83,000 to $60,000 in May and early June, while US stocks reached record highs driven by strong demand for equities and AI-related assets.

Glassnode data shows that Bitcoin was largely ignored during this rotation, with significant outflows from Bitcoin ETFs totaling around $4.4 billion, including $3.3 billion from BlackRock's IBIT.

This divergence occurred despite consumer confidence hitting an all-time low due to inflation and geopolitical tensions, raising questions about Bitcoin's role as a macro hedge.