Charles Schwab: Bitcoin Losing Momentum Trading Dominance Charles Schwab's Director of Digital Asset Research, Jim Ferraioli, stated that Bitcoin's recent weakness isn't due to institutional pullback or Saylor selling, but rather because momentum funds are exiting—shifting towards AI stocks and the IPO track. He pointed out that a wave of IPOs, including SpaceX, could collectively raise over $200 billion, directly draining liquidity from the crypto market. The sale of 32 BTC by Strategy is just a 'convenient narrative,' not the real reason. Summer has historically been a seasonally weak period for Bitcoin, and with more alternative options available, investors currently lack reasons to buy in.