Despite Bitcoin shedding nearly 17% of its value in a week — marking its sharpest weekly decline since July 2024 and erasing about $200 billion in market value over that span — die-hard believers in the world’s biggest cryptocurrency remain steadfast.
These devoted supporters, often called “maximalists” or “maxis,” argue that Bitcoin holds unique potential as the only digital asset poised for lasting global monetary adoption. They believe the current slump isn’t a sign of weakness in Bitcoin itself but rather reflects a shift of investor money from crypto into artificial intelligence ventures. In their view, this creates a temporary shortage of liquidity, not a fundamental flaw in Bitcoin.
At the time of writing, Bitcoin is trading below $60,000 — roughly 27% lower than a month ago and more than 50% off its all-time peak reached on October 6, according to CoinDesk.
This outflow of capital aligns with unprecedented withdrawals from U.S.-listed spot Bitcoin ETFs, which experienced $3.45 billion in net redemptions over 11 straight sessions. Meanwhile, Wall Street continues pouring money into technology — especially AI. Despite recent volatility, AI-linked stocks remain among the best performers: the Nasdaq surged 34% and the S&P 500 gained about 24% over the past year. This divergence has left many crypto investors questioning why Bitcoin is underperforming so dramatically.
While some analysts interpret the drop as a loss of structural confidence in Bitcoin, leading maximalists insist it’s simply speculative capital rotating aggressively into AI rather than anything wrong with Bitcoin itself.
Mati Greenspan, a well-known Bitcoin maximalist and founder of Quantum Economics, explains: “Bitcoin isn’t facing a Bitcoin-specific issue — it’s facing a broader liquidity problem. AI has become the market’s new obsession, but these trends don’t last forever.” He made these comments in a Friday interview with CoinDesk.
Echoing this perspective, Michael Saylor — Chairman of Strategy (MSTR) and a prominent voice in the Bitcoin community who recently faced speculation about whether his own sales contributed to the downturn — posted on X: “Capital markets are investing in AI at an unprecedented scale — around $400 billion over just six months. Bitcoin ETFs have seen roughly $4 billion in outflows since May 14, which is pressuring BTC. This is classic asset rotation, not a sign of Bitcoin’s decline. Market volatility creates opportunity.”
What’s Really Driving the Slump?
Greenspan highlights Anthropic’s planned $50 billion IPO, potentially valuing the AI startup at nearly $1 trillion, as a clear signal where investor money might be flowing.
He acknowledges Bitcoin’s strong historical returns but notes that traditional capital is now chasing AI infrastructure, data centers, and massive private funding rounds — diverting attention away from crypto.
Upcoming blockbuster IPOs from OpenAI, Anthropic, and SpaceX — which together could raise over $200 billion — may further draw investor focus toward AI and tech, at the expense of speculative assets like Bitcoin.
Jameson Lopp, a Bitcoin core developer and maximalist, offers another angle: “Market downturns often lead people to seek simple explanations. I believe the real issue is the broader bearish sentiment in crypto, combined with a booming AI rally in traditional finance.”
Not everyone agrees that AI is solely to blame. Jason Fernades, a Bitcoin maximalist and co-founder of AdLunam, argues the pressure on Bitcoin is multidimensional: “Bitcoin is under assault from every direction — ETF outflows, rising interest rates, persistent inflation, money shifting back into trendy tech stocks, macroeconomic uncertainty, and even the psychological blow from Strategy (Michael Saylor’s firm) ending its four-year streak of ‘never sell’ by cashing out 32 BTC for $2.5 million in May to cover dividend payments on its STRC preferred stock.”
Still, experts like Greenspan dismiss the panic over Saylor’s move. Compared to Strategy’s holdings of over 843,000 BTC, selling just 32 is negligible — “not even a rounding error,” he says.
Is Now a Buy Opportunity?
Despite the rocky stretch, some maximalists suggest this dip could be a smart entry point, arguing Bitcoin’s core strengths remain intact.
Greenspan believes the recent ETF outflows may signal a temporary rotation back toward cash and other monetary assets, and that Bitcoin’s current price range could serve as a long-term accumulation zone — provided its network fundamentals hold. Indeed, institutional adoption, clearer regulatory pathways, and growing discussions around Bitcoin as a strategic reserve asset have all progressed significantly in recent years.
Other advocates, like Strike CEO Jack Mallers, cut through the noise by directly urging investors on social media to “buy the dip.”
However, a return to crypto isn’t guaranteed to be smooth. Greenspan warns that if sentiment around AI turns negative, Bitcoin could suffer twice: first from capital leaving crypto, followed by a broader market-wide risk-off move.
“Be cautious about assuming we’ve hit rock bottom,” Greenspan cautions. “The next phase remains uncertain.”
Read more: Bitcoin isn’t crashing because of Saylor, it’s losing the momentum trade
