Bitcoin continues to flash warning signs, according to Quinn Thompson, CIO at Lekker Capital, as his fund remains firmly bearish on crypto heading into the summer.

Thompson argues that the market faces a combination of structural challenges, including ongoing digital asset treasury (DAT) concerns, unresolved questions about Strategy’s preferred stock STRC, and lingering fears about quantum computing risks to Bitcoin’s security model.

Combined with weakening liquidity conditions and heavy selling pressure, these factors have contributed to one of the largest divergences between bitcoin and technology stocks in recent history, with crypto significantly underperforming despite continued strength across much of the tech sector.

Thompson’s…