Spot BTC ETFs lost ~$1B last week while BTC chops at $76k. Is capital actually rotating to equities?

SoSoValue shows US spot Bitcoin ETFs with about $1 billion in net outflows last week, ending a six-week streak that brought in roughly $3.4B. BTC has mostly traded between $76k and $80k during the same period.

Some coverage frames that as rotation into AI and growth equities while macro stays messy (hot inflation prints, Fed cut odds fading). Whether that’s the full story or just risk-off hitting crypto first is debatable.

A few data points worth arguing about:

• BTC range: ~$76k support tested multiple times in May; $80k still acting as resistance
• ETF flows: ~$1B weekly outflow after prior six-week inflow run
• Correlation: Reports of BTC/Nasdaq correlation spiking in April (some outlets citing ~0.96), which would mean BTC behaving more like a tech beta play than an uncorrelated asset
• Counterpoint: Cumulative BTC ETF inflows since launch are still massive (~$57B+). One bad week isn’t necessarily a structural exit. LTH supply also remains near highs, suggesting long-term holders aren’t all bailing

Bear case: If ETF outflows continue and BTC loses $76k, chop becomes breakdown toward low $70s.

Bull case: Fear index in high 20s/low 30s, support holding, and ETF selling is tactical rotation not a full exit. Reclaim $80k on inflows would flip the narrative fast.

My open question: For people tracking flows, does this look like money leaving crypto for good, leaving for AI stocks specifically, or just pausing until macro clears?

Happy to be wrong on the rotation thesis. What are you seeing in your own allocation or books?