Warm Welcome, Tagus Community, June 3, 2026
Bitcoin Decoupling With Nasdaq: The long-standing association between digital assets and traditional tech stocks is undergoing a shift, highlighted by Bitcoin’s 30-day rolling correlation with the tech-heavy Nasdaq plummeting to a weak 0.22, a stark divergence from the high 0.5 to 0.7 range observed throughout February and March. As indicated in Tagus <> Bytes: June 2, 2026), this abrupt breakdown is in part driven by a capital rotation effect within traditional mega-cap tech stocks. While the Nasdaq has been propelled to new records by explosive AI tailwinds, growth-focused capital has actively rotated into tech infrastructure, drawn by a historic pipeline of mega-scale listings and massive private capital raises. This is heavily illustrated by SpaceX targeting a record gross raise of $75 bn ($1.75 to $2trn valuation) as it files to go public around June 11-12, and Anthropic pulling in a $65bn Series H round ($965bn valuation) alongside its own newly announced IPO filing. Furthermore, the trend is set to intensify with OpenAI looking to file its own highly anticipated public debut later in the year, off the back of a $122bn capital raise that locked in an $852bn valuation. Backed by Alphabet’s own $80bn capital expansion into AI computing power, this unprecedented institutional focus has left Bitcoin behind to trade on its own internal supply and demand dynamics, a drag further compounded by a severe liquidity drain where US Bitcoin ETFs has suffered a now new record 12 consecutive days of net outflows, totalling $4bn (for broader details of ETF outflows see Tagus <> Bytes: June 1, 2026).
