Bitcoin declined Wednesday to its lowest levels since February as other asset classes continued to lure investors away from cryptocurrencies.

The world’s largest cryptocurrency fell to as low as $65,385, dropping 2.3%. That came after the S&P 500 and Nasdaq 100 closed at records on Tuesday. Asian stocks mostly rose with Japan’s Nikkei 225 hitting a record high Wednesday.

“The broader issue is liquidity rotation,” according to the trading desk at QCP. “Crypto is facing competition for capital as equity markets continue to outperform, with both crypto-native investors and traditional asset managers being pulled toward stronger…