Here’s a cleaner, more condensed rewrite with a crisp live-market tone:

BlackRock’s IBIT saw about $300 million in outflows, with smaller ETFs picking up part of the redirected capital. The shift comes as the same AI-led trade that recently hit South Korea is now driving a strong quarterly rally across Asian markets.

Wintermute: Market Still Lacks a Bottom

Wintermute said crypto is showing signs of capitulation—weak sentiment, rising supply held at a loss, and bitcoin near its 200-week moving average—but demand remains the missing piece.

Bitcoin has historically absorbed excess liquidity, yet those flows have not returned. ETF outflows remain elevated, and OTC demand is subdued as investors rotate toward AI opportunities.

Jasper De Maere noted that seasonality is another hurdle, with crypto markets rarely bottoming in summer. He expects continued downside into September or October, with recovery dependent on macro conditions.

Key near-term catalysts include U.S. jobs data, bitcoin’s ability to hold long-term support, performance of Strategy’s STRC, and whether AI-driven capital flows begin to ease.

Strategy Stocks Reverse Lower

Shares of Strategy (MSTR) and its preferred stock STRC are set to open lower, suggesting the prior rally may have been short-lived.

Bitcoin slipped to around $58,800, down roughly 3% in 24 hours. Pre-market, MSTR dropped 6% and STRC fell 3.6%, while U.S. futures pointed to a flat open.

Gold Marks Worst Quarter in 13 Years

Gold is heading for its weakest quarterly performance since 2013, weighed down by higher rate expectations and a stronger dollar.

The metal fell about 13% in Q2, dropping from a January peak of $5,600 to just above $4,000. Bitcoin mirrored the decline, also down around 13% for the quarter—its third straight loss.

Meanwhile, the Nasdaq is on track for a roughly 20% gain, highlighting a sharp divergence as capital flows into AI-driven equities.

Strive Records Loss on STRC Position

Strive Asset Management is down about $12 million on its investment in Strategy’s STRC preferred shares.

After a $50 million purchase, the position is now valued near $37.7 million. STRC fell another 2% pre-market, while MSTR declined about 3%, giving back part of Monday’s gains.

Hyperliquid Strategies Added to Indexes

Hyperliquid Strategies has joined the Russell 3000, Russell 2000, and S&P Global BMI indexes.

The firm, holding over $1.14 billion in HYPE tokens, was added during FTSE Russell’s annual reconstitution. The token has risen more than 3% over the past week, outperforming the broader market.

Dollar May Be Near Peak Strength

Economist Robin Brooks said the U.S. dollar could be near its peak, with positioning heavily tilted bullish.

Any reversal—potentially triggered by softer economic data—could provide support for bitcoin and gold.

Miners Lean Into AI

Ionic Digital is accelerating its shift into AI infrastructure, reflecting a broader industry trend.

The firm raised $400 million ahead of a planned Nasdaq listing, with AI-related revenue far exceeding bitcoin mining. It has also repurposed key facilities for AI workloads.

ETF Outflows Persist as AI Trade Dominates

Spot bitcoin ETFs saw $231 million in net outflows, led by IBIT’s $300 million exit, partially offset by inflows into smaller funds.

At the same time, global equities—especially in Asia—are rallying on AI momentum. South Korea’s Kospi and major chip stocks have surged, while the yen has weakened as investors fund AI bets.

Crypto markets remain sidelined as capital continues to rotate into AI and semiconductor plays.

If you want, I can compress this further into a short “live ticker” version or headline bullets.