Foreign media believe that rising expectations for US tech company IPOs are reinforcing the trend of funds concentrating in US stocks, putting additional pressure on Bitcoin. Companies like Databricks and Klarna are considered potential key listing targets, while OpenAI, Anthropic, and SpaceX continue to attract market attention.
In the second quarter, funds were more inclined towards US stocks.
Looking at the second quarter performance, US stocks significantly outperformed Bitcoin. The article cites data showing that the S&P 500 rose 16% this quarter, while Bitcoin gained approximately 8%. New risk capital flowed more noticeably into US stocks than into crypto assets.
The article states that this gap is likely to continue widening in the near future. As the IPO pipeline of large technology companies heats up, market demand for new shares may further increase, thereby enhancing the attractiveness of US stocks to liquidity.
Bitcoin fell back to around $70,000.
Although Bitcoin continued its upward trend in the second quarter, the May pullback has brought the price back close to the $70,000 area. The article argues that the market is gradually pricing in the risk of falling below this level.
Meanwhile, the S&P 500 still recorded a gain of nearly 5%, indicating that current risk appetite is still mainly driven by the stock market. Against this backdrop, Bitcoin's recent weakness may not just be a short-term fluctuation, but more likely reflects some funds actively adjusting their positions.
ETF outflows are seen as a signal of institutional selling.
The article considers institutional fund flows as a key indicator for judging the nature of the market. According to it, if it's just a normal correction, the market will typically deleverage first, followed by bargain hunting, and then enter a consolidation phase. However, this time, institutional data did not show similar characteristics.
According to SoSoValue data, Bitcoin ETFs have seen outflows exceeding $2.3 billion since May. This is one of the weakest monthly performances since November 2025. Back then, the market continued to be under pressure after the sharp drop in October 2025, with Bitcoin falling by more than 30% at one point before stabilizing around $65,000.
The article argues that with US stocks continuing to attract funds and expectations for tech IPOs rising, institutions reducing their Bitcoin exposure appears more like a planned portfolio adjustment than an occasional withdrawal. This also means that if funds continue to flow from the crypto market to the stock market, Bitcoin may still face deeper downward pressure.
