The fall of Bitcoin by about 50% from the summit of October 6, 2025 is not a large surprise for us. In erstwhile BTC cycles after a strong summit for many months he entered the phase of decline, discouragement and outflow of attention. The difference is that this time the marketplace rapidly found another place to speculate. This place became AI and semiconductors. Since the October BTC summit, the SMH fund, which is the largest in terms of assets of the U.S. ETF for semiconductors, has increased by about 75%. Bitcoin at that time was clearly behind. The marketplace has not stopped liking risks. He just found a communicative that worked better on the imagination of investors. AI was on the headlines of newspapers, financial portals and investment channels. In addition, there was a promise of changes to affect almost all industry. For speculators, it was the perfect fuel for a trend that had already started.
The marketplace inactive buys risks, only elsewhere
First, let's look at the prices, due to the fact that they show best, ]]>where speculation has moved in fresh months]]>. The summary from the beginning of 2024 to the first days of June 2026 reflects this change well. Bitcoin grew by about 35%. In the same period, the SMH semiconductor fund about 250%. This is very well illustrated by the following illustration showing BTC quotations – blue line and ETF SMH giving vulnerability to semiconductor manufacturers – orange line.
Source: ]]>www.portfeo.pl]]>
BTC hasn't fallen all this time. It rose until October last year, erstwhile it peaked at its local highest (which so far fits into Bitcoin's cyclical). It then went to declines, and investors turned their attention to the technology market, which yet saw very dynamic growth.
It is besides worth paying attention to BTC's correlation with Nasdaq 100. For most of the time, from 2021 to 2025 Bitcoin moved close to the technological market. The prepared graph shows that in 2026 this relation became weak and the correlation rate fell to the area -0.52. simply put, Nasdaq, thanks to AI and semiconductors, was dynamically upward, and Bitcoin could at the same time proceed to rework the weaker part of his own cycle (similar to 2018).
Source: TradingView
The flows to funds show the same image even more clearly than the quotations themselves. Reuters reported in early June 2026 that from large bitcoin funds, mainly ETF place buyers of BTC, more than US$2.7 billion per week had departed, and since the beginning of 2026 the net outflow has reached US$3.1 billion. At the same time, the 4 largest semiconductor funds attracted over US$3 billion in the first week of June and US$21 billion since the beginning of the year.
Source: Galaxy Research
Even the back of the crypt began to live on another topics
Bitcoin's weakness does not automatically transfer to the full cryptic market. The digital asset marketplace is growing, only outside Bitcoin. This is simply a large change from erstwhile cycles erstwhile the "script" and "Bitcoin" for many investors meant almost the same thing.
This is best seen by stablecoins, or tokens associated with the dollar value. For years they were mostly cash for cryptocurrency traders. present they besides operate payments, settlements between stock exchanges, transfers between countries and tokenisation of another assets, i.e. transfer of bonds or funds to the form of digital token. Reuters reported that during the year Bitcoin's share of the full cryptic marketplace fell from 63% to 56%, and stablecoin's share increased from about 7% to almost 13%.
Bitcoin miners besides cease to be a simple lever for the BTC course. In erstwhile cycles, the dependency was evident. As Bitcoin grew, miners usually grew even faster. erstwhile Bitcoin experienced bess, the situation turned around, and the fall on the miners' shares was more severe. In 2026, the marketplace began to look at them differently, as any of these companies have energy, connections to the network, plots, cooling and experience in moving infrastructure working 24/7. ]]>These are essential assets for the expansion of AI]]>.
The latest moves in the manufacture show great. Hut 8 in early May 2026 signed a 15-year deal on the Texas campus (access to 352 MW power), becoming de facto owner of infrastructure under data centers. For the same reason CoreWeave – a cloud giant for AI – late attempted to take over Core technological for about $9 billion. They were looking for energy and location, not vulnerability to BTC digging itself. In turn, the Australian IREN (formerly Iris Energy) signed lucrative agreements to share infrastructure with Microsoft and Nvidia. Despite this, the digging of Bitcoin continued to have business significance. In the 4th ending at the turn of 2025 and 2026, IREN's gross from AI services amounted to US$17.3 million, and from the digging of Bitcoin as much as US$166.4 million. Extracting BTC was inactive a major part of their business. However, the marketplace ceased to be curious in this, only waiting for further news concerning the agreements signed by IREN with the semiconductor industry. This change has a price due to the fact that the construction of infrastructure under the AI takes billions of dollars and IREN should be heavy indebted to fund it.
Another case worth mentioning is Strategy, formerly MicroStrategy, the largest corporate owner of Bitcoin. At the turn of May and June 2026, the company was again made public. First on June 1, she sold 32 BTCs at an average price of 77 135 USD, the first sale in almost 4 years. A week later, on June 8, she announced the acquisition of 1 550 BTC at an average price of US$65,332, with a full already 845 256 BTC.
This 1 tiny sale caused a dismay of investors. So far, strategy has maintained its communicative – “we buy and never sell”. However, the subsequent acquisition of BTC showed that strategy inactive wants to proceed its assumptions. So this looks more like liquidity management than the another way around Bitcoin.
Continue reading: ]]>Bitcoin falls according to the cycle. The marketplace now speculates on AI]]>
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Author: ]]>Piotr Chuszno]]>
