ETF Selling
In a podcast interview with Scott Melker on June 5, Hougan highlighted that Bitcoin ETFs have seen roughly $4 billion in outflows across 12 consecutive trading days, marking the worst withdrawal streak since launch.
Hougan attributed much of the pressure to a capital rotation into artificial intelligence stocks and high-profile private market opportunities like SpaceX.
Despite ETF outflows, he noted institutional interest in crypto remains strong among financial advisors, pension funds and wealth managers.
He described the current market as a transition from a momentum trade to a contrarian trade, like prior crypto winter periods.
Long-term Bitcoin holders continue to show conviction despite the selloff.
