Relai CEO says AI investment boom is sapping bitcoin demand, but expects capital rotation into BTC once buildout cycle cools
The Block •
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Promote with Leviathan News$255B of H1 capital raisings by the big five hyperscalers plus a 13-day, $4.4B spot-BTC ETF outflow streak makes the rotation thesis measurable, not vibes. The second-order hit is miners: power scarcity rerates HPC-adjacent names while pure hashprice exposure gets left behind, so BTC can bleed even as “crypto infrastructure” equities catch AI multiples. Watch IBIT/FBTC creations and MSTR mNAV before the candles; those pipes will show capital coming back to orange coin before CT does.
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