Core Insights - Bitcoin is experiencing six-month lows, correlating with a sell-off in the NASDAQ, indicating that crypto is behaving more like tech stocks than a hedge [1] - There are signs of structural stress in the market, particularly with spot ETF demand declining [1] Group 1: Market Performance - Bitcoin's support is weakening as funds report a second consecutive week of net outflows, marking one of the worst days for spot Bitcoin ETFs since their launch [2] - Liquidity is diminishing, leading to the liquidation of leveraged long positions and negative funding rates, which are contributing to increased volatility [2] Group 2: Capital Rotation and Market Trends - Capital is shifting towards crypto treasury plays, but these investments are also facing declines, with some dropping by double-digit percentages within the week [3] - Companies like Coinbase, E Toro, and Circle are experiencing declines, with spot selling accelerating and downside hedges being established, suggesting the onset of a broader crypto down cycle [3]