Analyst Warns Crypto May Stay Under Pressure Through Summer

Bitcoin remains under pressure heading into the summer, according to Lekker Capital CIO Quinn Thompson, who is maintaining a bearish view on crypto markets. In comments reported by CoinDesk, Thompson pointed to digital asset treasury concerns, unresolved questions around Strategy’s STRC preferred shares and lingering worries about quantum-computing risks to Bitcoin’s security model.

The caution matters because crypto has been underperforming even as parts of the technology sector have remained strong. Thompson argues that weaker liquidity conditions and heavy selling pressure have helped create one of the largest recent divergences between bitcoin and technology stocks, a signal that crypto traders may not be benefiting from the same momentum supporting equities.

Thompson’s view extends beyond digital assets. He is also bearish on technology stocks, citing weaker leadership from the Magnificent Seven compared with the broader Nasdaq. In his analysis, market gains are increasingly being driven by semiconductor and AI supply-chain companies rather than the hyperscale technology firms that powered the earlier rally.

AI spending is another point of concern. Thompson says large capital-expenditure commitments tied to AI are pressuring free cash flow, lifting debt levels and reducing share buybacks among major technology companies. At the same time, cutting that spending could weaken the semiconductor and AI infrastructure trade that has supported the wider tech market.

He also warned that a wave of large potential IPOs, including SpaceX, Anthropic and OpenAI, could compete for trillions of dollars in investor capital and attention. For crypto markets, the takeaway from his outlook is a cautious one: liquidity, tech-market leadership and bitcoin-specific concerns may keep conditions difficult through the summer.