{"id":708570,"date":"2026-06-08T00:00:00","date_gmt":"2026-06-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=708570"},"modified":"2026-06-08T02:54:00","modified_gmt":"2026-06-08T02:54:00","slug":"bitcoin-is-failing-as-both-a-safe-haven-and-a-tech-trade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/08\/bitcoin-is-failing-as-both-a-safe-haven-and-a-tech-trade\/","title":{"rendered":"Bitcoin is failing as both a safe haven and a tech trade"},"content":{"rendered":"

BTC\u2019s digital-gold moment never arrived. <\/strong>BTC briefly fell below USD 60k this week for the first time since October 2024, extending a selloff that has now erased more than half its value from the USD 126k peak reached last year, CNBC<\/a> and Bloomberg<\/a> report. ETH sank to its lowest level since last April, while other major tokens including XRP, SOL, and Dogecoin also fell sharply, Bloomberg<\/a> separately reports.<\/p>\n

The awkward part: This should have been BTC\u2019s moment. <\/strong>Geopolitical tensions remain elevated, inflation concerns are resurfacing, and investors are once again debating whether interest rates will stay higher for longer. Yet gold has attracted more defensive flows while BTC has struggled, prompting investors to question both its \u201cdigital gold\u201d credentials and its reputation as a high-beta tech trade.<\/p>\n

What\u2019s driving the rout? <\/strong>A record streak of ETF outflows, concerns about future demand after Strategy (the world\u2019s largest BTC treasury company) disclosed a rare BTC sale, and a growing sense that crypto is losing its place at the center of the speculative universe. Net assets across BTC ETFs have fallen to USD 80.4 bn from USD 107.8 bn in mid-May, according to CNBC.<\/p>\n

Crypto\u2019s bigger problem may be that it is no longer the market\u2019s favorite wager. <\/strong>AI has largely replaced digital assets as the dominant growth trade, while investors now have an expanding menu of alternatives ranging from leveraged ETFs and prediction markets, to stablecoins and perpetual futures.<\/p>\n

And there\u2019s another contender waiting in the wings: SpaceX. <\/strong>The potentially record-breaking IPO is shaping up as one of the clearest tests yet of where speculative capital flows next, Bloomberg<\/a> reports. The listing is banking on the firm\u2019s retail following, allocating 30% of listed shares<\/a> to retail investors.<\/p>\n

The result is a growing fight for retail capital. <\/strong>More than 600 ETFs have launched in the US over the past six months alone, while more than 20 SpaceX-linked ETFs have already been filed ahead of the listing. The takeaway? Investors are still chasing the next big story; BTC just isn\u2019t the only one anymore.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asia-Paci<\/strong>fic markets are starting the week in the red <\/strong>as the AI rally seen over the past few weeks reverses course and oil prices surge after Iran attacked Israel. South Korea\u2019s Kospi is down 7.3%, while Japan\u2019s Nikkei is down 4.4%. \u201cThe move looks more like a positioning and momentum unwind than \u2060a reassessment of the long-term AI story,\u201d Lucerne Asset Management\u2019s Marc Velan said<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

52,165<\/p>\n<\/td>\n

\n

-0.9% (YTD: +24.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong> <\/p>\n<\/td>\n

\n

Buy 51.75<\/p>\n<\/td>\n

\n

Sell 51.89<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 51.77<\/p>\n<\/td>\n

\n

Sell 51.87<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

19.00% deposit<\/p>\n<\/td>\n

\n

20.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,929<\/p>\n<\/td>\n

\n

-0.6% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,614<\/p>\n<\/td>\n

\n

+0.3% (YTD: -3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

5,768<\/p>\n<\/td>\n

\n

+0.9% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

7,384<\/p>\n<\/td>\n

\n

-2.6% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

10,368<\/p>\n<\/td>\n

\n

+0.1% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

6,062<\/p>\n<\/td>\n

\n

-0.7% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude <\/strong><\/p>\n<\/td>\n

\n

USD 96.35<\/p>\n<\/td>\n

\n

+3.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 3.23<\/p>\n<\/td>\n

\n

-3.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,365<\/p>\n<\/td>\n

\n

-3.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 61,670<\/p>\n<\/td>\n

\n

+1.5% (YTD: -29.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

1,055<\/p>\n<\/td>\n

\n

+0.1% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

151.48<\/p>\n<\/td>\n

\n

-0.3% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

21.51<\/p>\n<\/td>\n

\n

+39.7% (YTD: +43.9%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30<\/strong> fell 0.9% at<\/strong> yesterday\u2019s<\/strong> close<\/strong> on turnover of EGP 9.2 bn (12.3% above the 90-day average). Regional investors were the sole net sellers. The index is up 24.7% YTD.<\/p>\n

In the green:<\/strong> Qalaa Holdings (+6.3%), Raya Holding (+2.3%), and Ibnsina Pharma (+1.4%).<\/p>\n

In the red:<\/strong> Fawry (-4.0%), Orascom Investment Holding (-3.6%), and E-finance (-2.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

BTC has fallen more than 50% from its peak despite geopolitical turmoil, as AI stocks and the looming SpaceX IPO compete for speculative capital<\/p>\n","protected":false},"author":1,"featured_media":708571,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[8882,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-708570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-crypto","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"af6fcf56-db3e-4102-b0f0-6c7989176319","order":"9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1679.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Digital gold loses its shine","related_issue":[708555],"teaser":"BTC has fallen more than 50% from its peak despite geopolitical turmoil, as AI stocks and the looming SpaceX IPO compete for speculative capital"},"yoast_head":"\nBitcoin is failing as both a safe haven and a tech trade - 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