TechFlow reports that on June 2, Binance Research stated the recent weakness in the crypto market may not stem from crypto assets themselves but rather from excessive concentration of capital in U.S. equities. It noted that the CBOE Dissemination Index (DSPX) has risen to 42—the third-highest level on record—indicating a pronounced concentration of capital within the S&P 500 index toward a narrow set of popular themes, thereby marginalizing Bitcoin.
Binance Research added that Bitcoin is currently facing capital diversion across multiple competing themes, including AI infrastructure and applications, defense and energy, and commodities. Looking back, it observed that during similar thematic rotations in 2015, 2016, 2018, and 2022, Bitcoin experienced declines of varying magnitudes. However, it also pointed out that historically, following each DSPX peak, Bitcoin ultimately rebounded. In the absence of a native crypto crisis, Bitcoin typically bottoms out within 0–20 weeks after the DSPX peak, with a median timeframe of 2 weeks.
