Bitcoin may face a challenging summer as investors pivot towards AI-related stocks and upcoming tech IPOs, according to K33 Research. The firm notes a significant capital rotation, with bitcoin ETFs experiencing their second-largest three-week outflow streak on record. K33 previously identified $60,000 as a cycle low but now cautions that rising leverage and declining institutional demand could lead to further losses. The report highlights bitcoin's failure to reclaim its 200-day moving average, contrasting with record highs in the Nasdaq and S&P 500, as a sign of shifting investor sentiment. According to CoinDesk, K33's analysis suggests that the opportunity cost of holding BTC is perceived as too high compared to AI investments.