Mark Yusko, the founder of Morgan Creek Capital, has expressed optimism regarding Bitcoin (BTC), suggesting it may have already reached its lowest point in the current market cycle. In a recent interview, he highlighted that the recent $630 million outflow from Bitcoin exchange-traded funds (ETFs) should not be a major concern, as it likely reflects institutional arbitrage strategies rather than widespread investor panic. Yusko pointed out that significant ETF flows often come from hedge funds engaged in basis trades rather than direct bets on Bitcoin's price.

He emphasized that the current market is more vulnerable to overleveraged positions in AI and equity speculation than to Bitcoin itself. Yusko believes that Bitcoin's bullish setup remains intact due to ongoing global money supply growth and the debasement of fiat currencies, which he argues supports hard assets like Bitcoin. He noted that while Bitcoin's price remains stable, fiat currencies continue to lose purchasing power.

Despite his bullish outlook, Yusko cautioned that severe market-wide deleveraging events, similar to the crash in March 2020, could temporarily lower Bitcoin prices due to forced liquidations. Additionally, he criticized certain aspects of the crypto Clarity Act and stablecoin regulations, claiming that they are being influenced by large banks aiming to protect their profits against emerging crypto alternatives.