Bitcoin Rises to $64,000 as Nasdaq Ushers SK Hynix
By John Nada·Jul 10, 2026·4 min read
Bitcoin tops $64,000 as institutional flows shift to AI. SK Hynix debuts on Nasdaq, drawing attention amidst crypto outflows.
Bitcoin hits a high of over $64,000, marking a significant move as the cryptocurrency rallies alongside major institutional shifts. CoinDesk reported a narrowing Coinbase Premium discount, a key indicator that U.S. spot demand has strengthened. This has helped Bitcoin rise from approximately $58,000 to over $64,000.
However, the narrative around institutional funds presents a more complicated picture. Despite the price uptick, spot Bitcoin funds saw an outflow of nearly $95 million on Thursday. Ether funds also experienced a significant outflow of $52 million, as reported by CoinDesk. This reversal marks an end to a brief period of optimism in institutional flows. Fidelity's Bitcoin outflow was substantial, with the firm shedding about $63 million.
Adding to the market's complexity is the $26.5 billion Nasdaq debut of SK Hynix, a major player in the memory chip industry. SK Hynix, one of the largest memory chipmakers globally, has seen its offering oversubscribed by seven times, according to Bloomberg. This points to a robust demand for AI infrastructure, with U.S. hyperscalers projected to spend $725 billion in this sector this year.
Institutional capital is gravitating towards AI equities, impacting Bitcoin's performance. The ongoing AI boom has propelled major chipmakers like Samsung and SK Hynix to significant gains, while Nvidia's market cap saw a reduction of $1 trillion, showcasing the shift within the tech landscape. Analysts have identified this capital rotation as a direct drag on Bitcoin.
Meanwhile, Bitcoin's performance relative to gold continues to intrigue investors. The BTC-to-gold ratio stands at 15.67, an indication of Bitcoin's outperformance as a store of value compared to gold. Since its low in February, this ratio has seen Bitcoin gain 28% against gold. The next significant level for this ratio is 16, which aligns with the 200-day simple moving average, a potential bullish technical signal.
The market landscape remains dynamic, with digital assets posting a third consecutive quarter of losses, the longest streak since the 2022 bear market. As institutional capital shifts towards AI, Bitcoin ETFs have recorded their largest quarterly outflow since inception. This trend reflects broader systemic flows affecting financial markets today.
Circle's Shares Surge 14% — Gains U.S. Trust Bank Approval
Circle's shares soar 14% as it secures U.
The narrowing of the Coinbase Premium discount has been instrumental in Bitcoin's recent rally to over $64,000. The discount, which measures the price difference between Bitcoin on Coinbase and Binance, has improved from around negative 150 to approximately negative 40. A negative reading indicates Bitcoin trading at a discount on Coinbase, often suggesting weaker U.S. spot demand. The narrowing of this discount has accompanied Bitcoin's recovery from $58,000 to over $64,000.
The outflows from Bitcoin ETFs are noteworthy. On Thursday alone, U.S. spot Bitcoin ETFs lost a net $95 million, according to SoSoValue data, while ether ETFs shed about $52 million. This ended a run of five consecutive days of inflows that had been a rare positive in the market. Fidelity's FBTC was a significant contributor to the Bitcoin outflow, with a reduction of about $63 million, followed by ARKB at around $40 million. BlackRock's IBIT remained stable, with no net change, but VanEck's HODL and Morgan Stanley's MSBT were among the few funds in the green.
Ether's reversal in fund flows was broader, with Fidelity's FETH seeing a $34 million outflow and BlackRock's ETHA losing approximately $13 million. Bitwise and BlackRock's second fund also posted negative flows. No ether fund recorded an inflow, keeping net assets at around $9 billion.
Despite these outflows, Bitcoin's price rose by 3.5% on Friday, reaching nearly $64,000, a 4.2% increase for the week. This recovery follows a period of volatility influenced by geopolitical tensions, including warnings from Donald Trump about potential strikes on Iran. Ether also gained 2.6%, reaching $1,760. This rally has been attributed to renewed optimism in AI demand, particularly in Asia, where South Korea's Kospi index jumped 4% and SK Hynix priced its American depositary shares at $26.5 billion.
Institutional investors have largely stayed on the sidelines during a month when Bitcoin has fluctuated between $59,000 and $66,000, without breaking out decisively in either direction. This hesitancy underscores the broader shifts in capital allocation towards AI equities.
The report on digital assets for the second quarter of 2026 highlights the longest losing streak since the 2022 bear market, as institutional investors pivot towards AI stocks. This shift has led to Bitcoin ETFs experiencing their largest quarterly outflow since their inception. The report delves into the factors driving this divergence and where structural adoption continues unaffected, offering insights into what the third quarter might hold.