Bitcoin hits $72,000; $4.4B exits Tech Funds.

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Bitcoin’s recent surge, crossing the $72,000 mark, brings attention to the intriguing dynamics of its market. The question arises: who buys Bitcoin at these levels? Are they extreme optimists or perhaps veering toward delusion?

A crucial aspect contributing to this scrutiny is the unprecedented outflow of $4.4 billion from Tech Funds, signaling a potential shift in market trends. The correlation between Bitcoin and the broader tech sector becomes evident, suggesting that an overdue pullback might be on the horizon.

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Digging deeper, the long-term perspective considers the impact of Moore’s Law on compute power and how AI’s acceleration might shape the landscape in the next 10-20 years. Amidst these considerations, Semiconductor ETF ($SMH) emerges as a notable performer since 2008.

In a surprising move, Michael Saylor, chairman of MicroStrategy, sold over $23 million worth of $MSTR last week, adding to the more than $150 million sold since the year began. As gold prices surge, and the tech landscape evolves, the question of Bitcoin’s stability in the midst of changing tides looms large.

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