Analyst Turns Bearish on Crypto for Summer as Bitcoin Faces Structural Challenges, AI Spending Competition

Bitcoin and high-growth technology stocks have historically been driven by the same liquidity trends, but their performance has recently diverged in a way rarely seen in recent years. Lekker Capital says pressure from digital asset treasuries (DATs) and Strategy's STRC preferred stock, along with the long-term threat quantum computing poses to Bitcoin's cryptographic security, has created structural headwinds for the crypto market.

On June 9, 2026, Lekker Capital Chief Investment Officer Quinn Thompson advised investors to avoid crypto over the summer and reassess the market late in the third quarter. Potential IPOs by SpaceX, Anthropic and OpenAI could introduce more than $3 trillion of new supply, while AI capital spending is squeezing free cash flow and share buybacks, potentially diverting further investment away from Bitcoin.