Bitcoin ETFs are bleeding their worst 30-day stretch on record — while Coinbase just opened the door to trading OpenAI and Anthropic before they go public. The money isn't leaving the room; it's just picking new seats.

💎 Bitcoin ETF outflows hit $6.4B in 30 days — Solana and XRP absorb the rotation
💎 Coinbase launches pre-IPO perpetual futures on OpenAI and Anthropic
💎 ChatGPT loses its majority for the first time — Claude up 640% year-on-year
💎 Microsoft shareholders sue over hidden AI spending
💎 Bank of England scraps individual stablecoin limits — £40B issuance cap instead
💎 South Korea takes its CBDC into live banking infrastructure

— Morten

Bitcoin ETFs shed record $6.4 billion in 30 days

US-listed spot Bitcoin ETFs recorded their largest 30-day net outflow since launching in 2024, with $6.35 billion exiting over a trailing 30 trading days, according to Galaxy Research. Bitcoin has fallen 17% over the past month, and Galaxy says daily outflows are "still deepening day over day."

Why it matters: The scale of the outflow — the worst across all 582 rolling 30-day windows since ETF launch — signals a meaningful shift in institutional sentiment, even if the capital appears to be rotating within crypto rather than leaving it.

Source: Bitcoin ETFs shed a record $6.4B in 30 days amid crypto winter chill — CoinTelegraph

Bitcoin ETF withdrawals hit sixth straight week — Solana and XRP absorb the flow

US spot Bitcoin ETFs recorded $226.84 million in net outflows last week, extending a six-week streak and reducing total AUM to $78.32 billion, per SoSoValue data. Spot Solana ETFs pulled in $7.11 million and spot XRP ETFs added $10.66 million over the same period.

Why it matters: Six consecutive weeks of Bitcoin outflows alongside steady altcoin inflows is the clearest institutional rotation signal of 2026 — not a crypto exit, but a reallocation.

Source: Bitcoin ETF withdrawals continue for sixth week – Solana, XRP funds pull in capital — Stocktwits via TradingView

Saylor names the culprit: "AI summer" is draining Bitcoin demand

Strategy Executive Chairman Michael Saylor says massive AI fundraising rounds by OpenAI, Anthropic, Google, Meta, and SpaceX are pulling institutional capital away from Bitcoin — a dynamic he calls "AI summer." Speaking on June 16, he described it as a 12-to-24-week cycle that should reverse by year-end as AI deal lockups expire. (Source: CEO interview)

Why it matters: Saylor's framing connects the Bitcoin ETF outflow story directly to the AI IPO boom — positioning current weakness as a liquidity rotation, not a structural failure.

Source: Michael Saylor says 'AI Summer' is draining Bitcoin demand — Yahoo Finance / Stocktwits

Coinbase launches OpenAI and Anthropic pre-IPO perpetual futures

Coinbase activated OPENAI-PERP and ANTHROPIC-PERP on its International Exchange at 11:00 UTC on June 22, giving eligible non-US users synthetic USDC-settled exposure to two of the most closely watched private AI companies. Anthropic filed a confidential S-1 on June 1, targeting an IPO between October and December 2026; OpenAI filed on June 8.

Why it matters: With combined private valuations of around $1.8 trillion, these products let retail investors outside the US access price discovery on the AI IPO wave for the first time — part of Coinbase's push to become an "everything exchange."

Source: OpenAI and Anthropic pre-IPO trading: Coinbase launches exposure to 2 AI giants still private — Bitcoin.com

ChatGPT drops below 50% market share for the first time

ChatGPT's share of the global AI assistant market fell to 46.4% by end of May, per Sensor Tower's State of AI 2026 report — its first reading below 50%. Google Gemini now holds 27.7% and Anthropic's Claude 10.3%, with Claude recording 640% year-over-year monthly active user growth versus 62% for ChatGPT.

Why it matters: A majority share lost in three years is a structural shift, not a blip — and the data shows users are actively switching between assistants, making the AI assistant market genuinely competitive for the first time.

Source: For the first time, ChatGPT reportedly has less than half of the AI assistant market — Gizmodo

Microsoft shareholders sue over AI spending cover-up

A Michigan pension fund filed a proposed securities class action against Microsoft in Seattle federal court on June 15, alleging the company concealed slowing Azure growth and understated AI infrastructure costs. Microsoft shares fell 10% on January 29 — wiping roughly $357 billion in market value — after Q2 earnings showed Azure growth slipping from 40% to 39% and capital spending jumping 66% year-over-year to $37.5 billion.

Why it matters: The lawsuit crystallises the question investors are asking across Big Tech: when does AI spending become a liability — and who is accountable when the story told doesn't match the numbers delivered?

Source: Microsoft's AI spending spree is now facing a shareholder revolt — TechRadar

Bank of England scraps individual stablecoin limits, sets £40 billion issuance cap

The Bank of England reversed its plan to cap individual stablecoin holdings — which had proposed limits of £20,000 for individuals and £10 million for businesses — and will instead apply a temporary aggregate issuance guardrail of £40 billion ($50.6 billion) per systemic stablecoin. The reversal followed pressure from the House of Lords Financial Services Regulation Committee, with regulated stablecoins now expected to go live in the UK in 2027.

Why it matters: Moving from per-wallet control to aggregate issuance management is a fundamentally different regulatory philosophy — and one that makes the UK a far more credible stablecoin jurisdiction ahead of full crypto rules in 2027.

Source: Bank of England backs down on strict stablecoin holding limits, sets $50 billion issuance cap — CoinDesk

South Korea integrates CBDC into live banking systems

The Bank of Korea is advancing Project Hangang into a new phase that connects deposit tokens directly with core account systems at nine participating commercial banks, allowing real transactions and settlements for the first time. The phase also pilots digital vouchers for government subsidy payments.

Why it matters: Moving a CBDC out of a sandbox and into live banking infrastructure is the real stress test — South Korea is now running one of the most operationally advanced deposit-token experiments globally.

Source: Bank of Korea advances CBDC deposit token initiative to test real-world usage — The Block

With one week to go before MiCA's transition period ends on 1 July, host Morten Myrstad takes stock of where the Nordics and Baltics actually stand — who got licensed, who exited, and why one of the region's most established exchanges is winding down despite being fully solvent. Plus: is the licence really the prize everyone thinks it is?

Episode also available on Spotify · Apple Podcasts · YouTube

On June 30, Kaupr brings together senior voices from issuers, researchers, platforms and asset managers to take stock of the Nordic digital-asset ETF and ETP market — built around the wealth management, family office, private banking and institutional investor perspective. Live on LinkedIn, YouTube and kaupr.io from 11:00–13:00 CET. Open to all.

Read more: ETF and ETP in digital assets — what does the growth mean for Nordic investors? — Kaupr

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Wishing you a great Tuesday — and welcome back tomorrow morning for the next edition of Kaupr Today.

Best regards Morten Myrstad Founder & Editor