Taiwan’s weighted index and Bitcoin markets decoupled on June 3. Driven by US stocks hitting consecutive five-day intraday closing highs and the AI boom, Taiwan stocks, led by TSMC, broke through the 46,000-point level. On the same day, Bitcoin’s single-day drop was about 6%, with a low around $66,100, triggering forced liquidation of more than $1.7 billion in long positions. K33 Research research head Vetle Lunde warned that AI stocks are snatching capital from Bitcoin.
Taiwan stocks open with momentum: TSMC drives the market to break 46,500 points amid US stocks hitting new highs
In the US, the Dow Jones Industrial Average, the S&P 500 index, and the Nasdaq index have all posted new closing highs for five straight trading days; the S&P 500 for the first time broke above 7,600 points; the Philadelphia Semiconductor Index surged nearly 6% in a single day; and TSMC ADR rose 2.54%.
Supported by the above backdrop, TSMC opened at a record intraday high of NT$2,425, then climbed to NT$2,440. With heavyweight stocks including TSMC, ASE Technology, Delta Electronics, and MediaTek driving gains, Taiwan’s weighted index saw its upward momentum quickly expand by more than 850 points, breaking above 46,000 and then surpassing 46,500. Financial institutions said the technical picture for Taiwan stocks is relatively bullish, helping capital maintain rotation.
Bitcoin liquidation data: $1.7 billion in long forced closures, BTC accounts for $780 million
Bitcoin’s single-day drop was about 6%, and the intraday low touched $66,100, marking the largest-scale liquidation since February 2026. CoinGlass confirmed the following data：
Total forced liquidation of longs across the whole market：more than $1.7 billion
Of which Bitcoin positions：$780 million
K33 Research: ETF net outflows hit the second-largest in history; institutions reduce CME futures exposure
K33 Research research head Vetle Lunde said the selling pressure facing Bitcoin reflects investors moving funds into fast-rising AI concept stocks, as the market views the opportunity cost of holding Bitcoin as too high. Lunde cited two confirmed data points：
Bitcoin spot ETF net outflows：over the past three weeks, cumulative net outflows of nearly 63,000 BTC, the second-largest continuous outflow record in history, with fund rotation being particularly evident in the ETF market.
CME Bitcoin futures open interest：has fallen to the lowest level since October 2023, indicating that institutional investors are actively reducing their Bitcoin futures exposure.
K33 Research believes that compared with the stock market, Bitcoin’s valuation is currently severely undervalued. Lunde also noted that the $60,000 support base formed in February 2026 is now being tested.
FAQ
Bitcoin spot ETFs saw net outflows of 63,000 BTC over three weeks—where does it rank historically?
Based on data cited by K33 Research, this three-week cumulative net outflow of nearly 63,000 BTC ranks as the second-largest continuous outflow record in history, only behind the single largest event on record. This figure directly reflects institutional funds continuously pulling out of US Bitcoin spot ETFs.
What does the drop in CME Bitcoin futures open interest mean for the market?
CME is a core platform in the US where major institutional investors participate in Bitcoin derivatives, and its open interest represents the number of contracts that have not yet been settled. Falling to the lowest level since October 2023 shows that institutional investors are actively shrinking their Bitcoin futures positions, which K33 Research views as a quantitative indicator of institutional capital retreat.
With TSMC setting a record high and Bitcoin falling, is there a direct link between the two?
K33 Research’s analysis points to a fund-rotation logic: strong rallies in AI-related stocks (including TSMC) lead the market to perceive higher opportunity costs of holding Bitcoin, prompting some institutional capital to rotate from the crypto market toward semiconductor and AI stocks. The large-scale net outflows from Bitcoin ETFs and the strong rise in Taiwan stocks appeared in sync, matching this analysis in timing.
