Bitcoin's (CRYPTO: BTC) drop to $62,000 resembles previous crypto winter bottoms rather than a structural breakdown in the asset class, according to Bitwise Chief Investment Officer Matt Hougan.
ETF Selling
In a podcast interview with Scott Melker on June 5, Hougan highlighted that Bitcoin ETFs have seen roughly $4 billion in outflows across 12 consecutive trading days, marking the worst withdrawal streak since launch.
Hougan attributed much of the pressure to a capital rotation into artificial intelligence stocks and high-profile private market opportunities like SpaceX.
Despite ETF outflows, he noted institutional interest in crypto remains strong among financial advisors, pension funds and wealth managers.
