Charles Schwab executive: Bitcoin didn't crash because of Saylor, but rather because it lost its momentum trading dominance.

CoinFeed reported on June 4th, citing CoinDesk, that Jim Ferraioli, Director of Digital Asset Research at Charles Schwab, stated that Bitcoin's recent weakness is not due to waning institutional demand or Michael Saylor's selling of Bitcoin, but rather its loss of dominance in momentum trading. He pointed out that crypto investors have historically followed momentum, but momentum has now left the crypto space. Funds are flowing into AI-related stocks and hot narratives like IPOs; SpaceX's IPO could value the company at $1.8 trillion, and a batch of other IPOs could raise over $200 billion in total, draining liquidity from the crypto market. Crypto traders are also speculating on pre-IPO stocks through synthetic derivatives contracts on DEXs like Hyperliquid.