Come back after the summer, says one analyst on crypto markets

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Come back after the summer, says one analyst on crypto markets Bitcoin's growing divergence from tech stocks raises concerns as AI spending surges, says Quinn Thompson. By James Van Straten | Edited by Stephen Alpher Jun 9, 2026, 2:53 p.m. 2 min read Make preferred on What to know : Lekker Capital CIO Quinn Thompson argues bitcoin remains under pressure due to DAT issues, Strategy's STRC preferred shares, and quantum computing concerns, contributing to one of the largest divergences between crypto and technology stocks in recent years. Thompson is also bearish on tech, citing weakening Mag 7 leadership, rising hyperscaler debt, declining free cash flow from AI-related capex spending, and trillions of dollars in upcoming IPO supply. Bitcoin continues to flash warning signs, according to Quinn Thompson , CIO at Lekker Capital, as his fund remains firmly bearish on crypto heading into the summer. Thompson argues that the market faces a combination of structural challenges, including ongoing digital asset treasury (DAT) concerns, unresolved questions about Strategy's preferred stock STRC, and lingering fears about quantum computing risks to Bitcoin's security model. Combined with weakening liquidity conditions and heavy selling pressure, these factors have contributed to one of the largest divergences between bitcoin and technology stocks in recent history, with crypto significantly underperforming despite continued strength across much of the tech sector. BTC vs Nasdaq (Lekker Capital) Thompson's broader concern extends beyond crypto and believes a wave of blockbuster IPOs (SpaceX, Anthropic and OpenAI) could absorb trillions of dollars in investor capital, creating a liquidity drain. One of the clearest signs for Thompson is the Magnificent Seven's underperformance relative to the broader Nasdaq. Historically, healthy bull markets are characterized by leaders leading. Today, however, many of the index's gains are being driven by semiconductor and AI supply chain names rather than the hyperscalers that sparked the initial rally. Mag 7 vs QQQ (TradingView) The challenge for those hyperscalers is growing, Thompson says. Massive AI-related capital expenditure commitments pressure free cash flow, increasing debt levels, and reducing share buybacks. Yet cutting spending could undermine the semiconductor and AI infrastructure trade that has supported the broader technology complex. Thompson concludes that rising IPO supply is set to compete for capital and investor attention, while He sees a difficult path forward for both AI leaders and the wider market. Bitcoin News More For You Bitcoin inflows slow sharply in 2026 as investors chase AI, Bernstein says By Will Canny , AI Boost | Edited by Stephen Alpher 1 hour ago Bernstein said bitcoin's increasingly diversified ownership base supports its long-term store-of-value thesis. What to know : Bernstein noted that bitcoin exchange-traded fund (ETF) flows have weakened in 2026 as retail investors flock to AI-related assets. ETF outflows totaled $2.6 billion this year, which the broker views as relatively modest given AI's dominance in markets. A broader investor base spanning ETFs, corporates, wealth platforms and institutions has... Read full story Latest Crypto News A16z, Paradigm lead $175 million bet to move global credit markets onchain 47 minutes ago CoinDesk 20 performance update: AAVE Drops 2.6% as all constituents trade lower 1 hour ago Bitcoin inflows slow sharply in 2026 as investors chase AI, Bernstein says 1 hour ago BlackRock warns of energy shock as May CPI is set to show acceleration in inflation 1 hour ago Live updates: bitcoin drifts back to $61,000, putting damper on hope for two straight up days 2 hours ago Wall Street will run entirely on the blockchain by 2030, says Brickken CEO 2 hours ago Top Stories Humanity's $36 million exploit tied to compromised laptop hosting a 'multisig' wallet 2 hours ago Bitcoin's bounce isn't a bullish revival, with anything from $68,000 to $80,000 seen as a marker 3 hours ago Humanity Protocol token crashes more than 80% after a $32 million private-key hack 10 hours ago Forehead tattoos and alcohol dares: Inside the dark underbelly of crypto's memecoin craze 15 hours ago USDT's flashing a golden cross and that may be bad news for bitcoin 5 hours ago Saylor blamed AI for bitcoin crash. Arca has one word for that: Nonsense 9 hours ago