Arthur Hayes Says AI Capital Drain Weakens Bitcoin Liquidity

According to Arthur Hayes, former BitMEX chief, AI-linked companies have absorbed capital flows that might otherwise support Bitcoin, leaving digital assets on the weaker side of investor demand. In a recent interview, Hayes argued that since the launch of ChatGPT, AI infrastructure and equities have attracted large debt financing and institutional investment, while Bitcoin has failed to keep pace.

AI-linked stocks have significantly outperformed Bitcoin and altcoins in recent months, Hayes noted, making the case for rotating back into crypto harder to justify. He also flagged upcoming IPOs from OpenAI, SpaceX, and Anthropic as potential pressure points that could further redirect capital away from digital assets. Delayed Federal Reserve rate cuts add to the headwinds, as a looser monetary environment would typically support Bitcoin rallies.