[DigitalToday reporter Yoonseo Lee] With bitcoin down about 50 percent from its peak last October, Strive CEO Matt Cole and Binance founder Changpeng Zhao (CZ) pushed back.

On June 9 (local time), blockchain outlet Cryptopolitan reported that Cole backed bitcoin by buying more, while CZ offered public optimism.

CZ said on X, formerly Twitter, on June 9 that bitcoin's bear market would not last long. He added, "There is no need to panic." At the time, bitcoin was trading around $62,600, and the post drew thousands of reactions.

Asset manager Strive said on June 8 it bought an additional 32 BTC for about $2.1 million. The average purchase price was about $63,911 per coin. The purchase followed Cole again emphasising a long-term outlook centred on bitcoin. On June 6, he argued that the debt crisis would not improve and currency debasement would continue, and said the market was moving toward a bitcoin-centred future.

Cole also said that during the long transition from a fiat currency system to a bitcoin-based economy, "digital credit" would be the best medium of exchange. He argued the dollar was broken but still the reserve currency, and that any security or commodity could easily be used as a medium of exchange today. He is scheduled to speak with Michael Saylor at the Bitcoin Prague event this week.

The comments came as bitcoin weakness continued. Bitcoin fell more than 20 percent, sliding from about $82,000 in early May to about $63,000 on June 9. Last week, it fell below $60,000 for the first time since October 2024.

Markets are pointing to a shift in funds, rather than structural issues in crypto itself, as the backdrop to the liquidity slump. Investment bank Bernstein saw capital moving into artificial intelligence as a main reason inflows into bitcoin slowed. Bernstein analysis showed money flowing into bitcoin treasury companies and exchange-traded funds in 2026 was about $12 billion, sharply down from $60 billion in 2025.

Spot bitcoin ETFs in particular recorded net outflows of $2.6 billion this year, based on about $75 billion in assets. Bernstein judged that much of the remaining demand was driven by corporate buying led by Strategy.

Bernstein assessed that bitcoin could serve as a diversification tool in an AI-led market like this year. It also pointed to tokenised stocks and commodities, rather than bitcoin, as areas showing relatively strong momentum in the crypto market in 2026.

Changes in who holds bitcoin were also cited. Unlike past cycles led by retail investors, the holding base has now broadened to include ETFs, corporate treasuries, wealth management platforms, pension funds and sovereign wealth funds. That structural shift was presented as the backdrop for Cole and CZ maintaining optimism even in a sharp correction from the peak.

A key point to watch is whether institutional money returns. Whether the shift into risk assets continues through AI-related initial public offerings and infrastructure investment, or whether institutions judge current levels as a buying zone, is seen as a factor that will determine whether "bitcoin death" narratives persist. As summer approaches, the market is watching weekly ETF fund flows and corporate announcements of bitcoin treasury adoption.

The dollar is broken but is still the reserve currency. Any security/commodity can easily be used as a medium of exchange today. The transition from a fiat to Bitcoin world will take time. I believe Digital Credit will become the best MoE for most during this period. https://t.co/D63ciibDBx