Bitcoin’s recent decline is partly tied to global liquidity shifting toward artificial intelligence, according to Relai chief executive Julian Liniger, who said major capital flows into AI infrastructure have reduced funds available for digital assets.
Speaking at a crypto conference in Prague, Liniger said large investments in companies such as OpenAI, Anthropic, and SpaceX have absorbed liquidity that might otherwise circulate in crypto markets. He added that this trend could continue through 2026 as spending remains focused on infrastructure, model training, and product development.
Capital may return after AI buildout phase
Liniger said capital could rotate back into bitcoin once the current phase of heavy AI investment slows. As these firms begin generating returns, profits may be redirected into digital assets, potentially supporting bitcoin prices in later cycles.
His comments reflect a broader market shift where AI has become a dominant theme attracting capital. AI-related indices have surged sharply in 2026, far outpacing broader equity benchmarks. At the same time, the largest U.S. technology firms are expected to spend hundreds of billions of dollars on AI infrastructure this year.
AI startups alone have raised massive funding, accounting for the majority of global venture capital in early 2026, highlighting the scale of capital being deployed into the sector instead of alternative assets like bitcoin.
ETF outflows and market pressure
The shift in attention and capital has coincided with notable outflows from U.S. spot bitcoin ETFs. These products recorded billions of dollars in withdrawals in recent months, adding to downward pressure on prices.
This dynamic has contributed to bitcoin lagging behind the AI-driven rally in tech stocks. The cryptocurrency has shown some correlation with broader markets during downturns but has not matched their upside momentum.
Long-term accumulation contrasts short-term rotation
Despite the outflows, some market data suggests longer-term holders continue accumulating bitcoin, even as shorter-term traders rotate into faster-moving AI opportunities. Analysts describe this phase as a period that tests patience, with capital chasing sectors that currently offer stronger growth narratives.
Relai navigates tougher market conditions
The weaker market has also impacted crypto firms. Liniger said Relai has faced slower customer growth during the downturn, though its mobile app continues to generate thousands of monthly downloads and adds between 1,000 and 2,000 active users each month.
The Switzerland-based company operates a self-custodial bitcoin-only platform. It secured a MiCA license in France in October 2025 and previously raised $12 million in a Series A round, valuing the firm at $72 million.
Bitcoin price update
Bitcoin rose 0.8% over the past 24 hours to trade near $63,375. The asset remains significantly below its all-time high of about $126,000 reached in October 2025.
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