Michael Saylor attributed Bitcoin's recent pullback to funds shifting towards artificial intelligence. He stated on social media that the capital markets are supporting AI development on an unprecedented scale, which he believes is more of a rotation of funds than a sign of damage to Bitcoin's fundamentals.

ETFs continue to experience net outflows

According to Farside data, Bitcoin spot ETFs have seen outflows exceeding $4.3 billion since May 14. Saylor believes this indicates that some funds are leaving the crypto market and moving towards other assets with higher returns.

These ETFs are often seen as a bellwether for Bitcoin demand. After a net inflow of approximately $131 million on May 13, these products have not recorded any positive daily inflows since then, and their year-to-date inflows have turned negative.

Bitcoin prices continue to be under pressure

Bitcoin fell 3.7% in the past 24 hours, last trading at $63,429. Over the past week, Bitcoin has fallen more than 13%, briefly dropping to $61,559 on Wednesday evening, a decline of more than half from its all-time high in October 2025.

The scale of liquidation has expanded.

Market pressure isn't just coming from ETFs. Saylor's Strategy also sold 32 bitcoins last week, cashing out $2.5 million. Although the amount was small, the market had previously worried that any sale could undermine confidence in its long-term holding stance.

According to CoinGecko data, the total market capitalization of cryptocurrencies fell 3.1% to $2.29 trillion in the past 24 hours, with $1.74 billion in liquidations during the period. Of this, approximately $635 million was liquidated from Bitcoin long positions.