Consumer confidence is sitting near its weakest levels in a decade even as U.S. stocks notch record highs, and Glassnode says bitcoin is being left out of the rotation entirely.
Key Takeaways
Glassnode says bitcoin trades near half its October 2025 peak while US stocks hit record highs.US equities set a fresh record on August 7 as AI-driven gains pull household cash off the sidelines.Core inflation held at 2.5% in July even as bitcoin failed to benefit from the shift out of cash.U.S. equities set a fresh all-time high on August 7 and have held just beneath that level since, carried almost entirely by the artificial intelligence (AI) trade rather than a broad-based rally.
Where the Money Is Actually GoingBitcoin is currently trading at roughly half the level of its October 2025 peak, a steep drawdown that has left the asset wedged in a narrow band between its Median Realized Price near $63,000 and the Short-Term Holder Cost Basis around $68,700.
Meanwhile, the AI trade has kept attracting fresh capital, as individual traders, hedge funds, and even crypto-native institutions (that once championed bitcoin as their preferred hedge) are instead shifting exposure toward AI-focused equities and AI-linked crypto tokens.
From the outside looking in, the movement serves as a structural shift that could keep pressuring bitcoin’s narrative as the default destination for capital fleeing cash.
