[K33: Bitcoin Faces a 'Choppy Summer' as Funds Chase AI Stocks] According to a report by CoinDesk, Vetle Lunde, Head of Research at K33 Research, stated that Bitcoin is facing a 'choppy summer' as funds chase AI stocks. Bitcoin's weakness reflects declining institutional demand, significant ETF outflows, and increasing fragility in the derivatives market. The market broadly perceives the opportunity cost of holding Bitcoin as too high against the backdrop of surging AI-related assets. Signs of capital diversion are evident. Bitcoin has failed to reclaim its 200-day moving average, while the Nasdaq and S&P 500 continue to hit new highs. Investors are also eyeing potential IPOs from companies like SpaceX and Anthropic, further diverting funds away from the crypto market. Over the past three weeks, spot Bitcoin ETFs have reduced holdings by 62,794 BTC, marking the second-largest consecutive outflow on record.