Bitcoin is weathering its ugliest week in months as narrative fades and liquidity rotates

Bitcoin is getting pummeled to kick off June as the market loses its dominant narrative and liquidity continues to rotate into other assets. The combination has left the flagship cryptocurrency vulnerable to further downside pressure as investors scale back risk and capital shifts toward markets with more momentum or more obvious near-term catalysts, like the chip rally or the SpaceX IPO. Bitcoin is down 13% this week and heading for its worst week since February, according to Coin Metrics. …