Bitcoin Tumbles 15% in Worst Week Since FTX Collapse
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- Bitcoin tumbled about 15% this week — its steepest weekly drop since FTX imploded in November 2022 — trading near $63,000 and down a third in 2026, its worst start to a year since at least 2015.
- Strategy (MSTR), the largest corporate Bitcoin holder, disclosed on Monday it sold some of its Bitcoin for the first time since 2022.
- Bitcoin ETFs shed a record $2.7 billion in net outflows in the week to Thursday, bringing 2026 net outflows to $3.1 billion.
- The four largest semiconductor ETFs absorbed $3 billion in the first week of June and $21 billion year-to-date, even as U.S. semiconductor stocks (.SOX) surged 170% over the past year against Bitcoin's 40% loss.
- Bitcoin's share of the total crypto market fell to 56% from 63% a year ago, while stablecoins nearly doubled their share to roughly 13%.
- Bitcoin's correlation with the S&P 500 has flipped to deeply negative, and it sits about 40% below its level when President Trump took office in January 2025 after pledging to make the U.S. the "crypto capital of the world."
- RBC BlueBay chief investment officer Mark Dowding said 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."
Why it matters: Capital is rotating at a record pace: $2.7 billion left Bitcoin ETFs in one week while the four biggest semiconductor ETFs pulled in $3 billion in the same stretch, signaling that institutional money is treating AI infrastructure as the dominant tech bet and abandoning the cryptocurrency that Trump-era policy had championed.
