Bitcoin remains under pressure after falling to $61,000. The market is waiting for new US inflation data, and investors are once again revising their expectations for the Fed rate. Against this backdrop, BTC is increasingly trading not as a separate crypto asset, but as part of a broader risk trade.
The main events are now happening not only within the crypto market. The price is influenced by rates, the dollar, AI IPOs, bitcoin sales by miners, and capital reallocation to infrastructure projects. Therefore, there is still no simple signal that ‘the bulls are back.’
Inflation Once Again Becomes the Main Risk
Markets are falling ahead of the CPI release. Investors expect that annual inflation in the US could rise to 4.2% compared to 3.8% a month earlier. The core figure, excluding food and energy, is expected at 2.9%.
This is an unpleasant picture for the Fed. If inflation accelerates again, it becomes harder for the regulator to talk about rate cuts. Moreover, CME FedWatch is already pricing in a scenario of a 25 basis point hike by December.
This is exactly what is weighing on BTC. When the market expects more expensive money, demand for risky assets usually decreases. The yield on 10-year US Treasury bonds has risen above 4.5% again, intensifying competition for capital.
Bitcoin Trades as Part of the AI Market
Over the past week, BTC has increasingly moved in tandem with tech stocks. The connection is especially noticeable with the AI sector, where investors are taking profits after a long rally.
The problem for the crypto market is that the AI story is getting its own major events. Anthropic, OpenAI, and SpaceX are preparing to go public, and such listings could draw some liquidity away from other risky assets.
In this sense, bitcoin is suffering not only due to crypto factors. If investors free up money to participate in major IPOs, they may reduce positions in BTC, altcoins, and tech stocks. This makes the market more vulnerable to new macro data.
SpaceX Already Influences Crypto Market Sentiment
On Hyperliquid, a perpetual contract SPCX is traded, linked to expectations ahead of the SpaceX IPO. It does not grant rights to shares, but has become one of the places where the market gauges interest in the upcoming listing.
Since mid-May, this contract has fallen by about 27%. However, it is still trading above the fixed IPO price of $135, implying a premium of about 16% on the first day of trading. In May, this premium reached about 60%.
The decline could mean two things. First, the crypto market as a whole has become weaker. Second, some investors may be preparing liquidity to participate in the overheated listing. In both cases, this does not help bitcoin.
Miners Are Also Changing Priorities
An additional signal came from mining. Bitcoin mining difficulty may decrease by about 11% on June 14. This will be the largest drop since February.
The reason is a drop in hashrate. The seven-day average network computing power fell to about 910 EH/s after peaking at about 1.1 ZH/s in October.
Miners are under pressure from two forces. On one hand, energy costs are rising, including due to geopolitical tensions around Iran. On the other, public mining companies are increasingly shifting infrastructure and capital to AI and high-performance computing.
BTC Sales Finance the Shift to AI
Keel Infrastructure raised $458 million through the issuance of convertible bonds maturing in 2032. The net amount raised was about $445 million, and the money will go to developing data centers and equipment.
At the same time, the company was selling bitcoins. In the first four months of 2026, it sold 269 BTC for about $20 million. This is part of a broader strategy: capital is moving from mining to infrastructure for AI and high-performance computing.
This is an important shift for the market. Bitcoin miners were previously seen as natural BTC holders. Now, some of these companies are using coins as a source of liquidity for more profitable areas.
Hut 8 Raised $4.25 Billion for Data Center
Hut 8 closed a $4.25 billion debt placement to build the Beacon Point data center in Texas. The 352 MW facility will be leased to an unnamed tenant with a high credit rating.
This is already the company’s second major data center financing this year. The total project financing for the Beacon Point and River Bend sites has reached $7.5 billion.
For the crypto market, this is further confirmation of the trend. Mining and infrastructure companies are increasingly selling a story not about BTC mining, but about AI computing. Investors are more willing to finance data centers than classic mining.
The Technical Picture for BTC Remains Weak
A number of managers consider the bitcoin chart to be damaged. BTC is trading about 20% below its 50-day moving average, which is around $75,000.
This is a strong deviation. Even if the market looks oversold and could bounce, a more noticeable rise is needed to restore a bullish structure. Some traders name the $68,000 to $80,000 zones as levels that need to be regained for a serious improvement in the picture.
While the price holds around $61,000, caution remains. A rebound is possible, but it will not change the fact that the market has lost important technical levels and now depends on macro data.
Oil Volatility Has Decreased, but BTC Did Not React
Interestingly, energy fears have already partially subsided. The OVZ oil volatility index has returned to late February levels, that is, before the conflict around Iran began.
Normally, this could support risky assets. But this time, bitcoin is moving differently. Its expected 30-day volatility rose from 36% to nearly 59% last week and is holding around 50%.
This shows that BTC’s problems are now not only related to oil. ETF outflows, sales by large holders, weak technicals, inflation risks, and competition for capital from the AI sector are all weighing on it.
Morpho Shows a Different Type of Demand
Morpho stood out in a weak market. The token rose about 14%, outperforming most altcoins, after the on-chain lending protocol raised $175 million from Paradigm, a16z crypto, and Ribbit Capital.
This round shows where institutional capital is really looking. It does not necessarily buy ‘everything’ on the market. It chooses infrastructure that can become the basis for credit products on the blockchain.
For the crypto industry, this is an important contrast. Retail investors are waiting for a price reversal, while large players are investing in the future rails for financial services. This is what a more mature Wall Street interest in the crypto market looks like.
What’s Next?
Bitcoin is now squeezed between several forces. Inflation may strengthen expectations of a tough Fed policy, AI IPOs are drawing attention and liquidity, miners are shifting capital to data centers, and the BTC chart remains weak.
For recovery, the market needs to see several signals at once. CPI should not turn out too hot, the Fed rate should stop scaring investors, and BTC needs to at least regain the $68,000–75,000 zone. Without this, any rebounds will look technical.
The main takeaway is simple. The crypto market no longer lives only on internal events. Bitcoin now depends on inflation, the AI sector, major IPOs, miners, and institutional capital flows. Therefore, the path to recovery will not be fast and will be tied to the broader macro picture.
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