Schwab, Saylor and crypto executives say AI boom is draining Bitcoin demand

Bitcoin’s recent weakness appears tied to capital rotation into artificial intelligence infrastructure, IPO speculation and crowded private-market trades rather than a clear breakdown in institutional demand, according to Charles Schwab digital assets research head Jim Ferraioli, Strategy founder Michael Saylor, Bitwise adviser Jeff Park and other crypto industry figures including Mati Greenspan and Jameson Lopp. Ferraioli pointed to investor interest in AI-linked stocks, IPO activity and synthetic pre-IPO trading on Hyperliquid, including speculation around a possible $1.8 trillion SpaceX IPO. Saylor said capital markets directed about $400 billion to AI infrastructure over the past six months and that Bitcoin ETFs have seen roughly $4 billion in outflows since May 14, pressuring BTC. Park said Bitcoin may be serving as a source of liquidity for sought-after trades such as SpaceX and Anthropic rather than being sold because Strategy is selling Bitcoin. Jack Mallers, without giving a market outlook, urged investors to buy the dip.