Bitcoin lags as investors favor stocks and AI amid record low consumer confidence.

Bitcoin's price dropped over 25% from $83,000 to $60,000 in May and early June, while US stocks reached record highs, driven by strong demand for equities and AI-related assets. Glassnode data shows Bitcoin was largely ignored during this rotation, with significant outflows from Bitcoin ETFs totaling around $4.4 billion, including $3.3 billion from BlackRock’s IBIT. This divergence occurred despite consumer confidence hitting an all-time low due to inflation and geopolitical tensions, highlighting questions about Bitcoin's role as a macro hedge. The ongoing ETF outflows and weak demand could leave Bitcoin vulnerable even as stock markets continue to climb.