This article first appeared on GuruFocus.

Bitcoin extended its selloff on Wednesday, dropping more than 5% in 24 hours to about $59,360, a move that left the token down roughly 10% over the past week and nearly 23% over the past month. The slide put fresh pressure on Bitcoin-related shares.

Bitcoin weakneswas tied in part to continued withdrawals from spot ETFs and heavier institutional selling. Reuters said investors have also been shifting money toward AI-linked stocks and upcoming megacap listings, which has made Bitcoin less attractive in the near term.

Crypto stocks moved lower with Bitcoin, with Strategy (NASDAQ:MSTR), Applied Digital (NASDAQ:APLD), IREN (NASDAQ:IREN), Cipher Mining…