The race for dominance in Artificial Intelligence (AI) is clearly accelerating.
While the U.S and China have long competed to lead the sector, competition is now intensifying within U.S-based tech firms as well. The recent FUD surrounding Anthropic clearly illustrates this shift.
In this climate, OpenAI’s $110 billion capital raise carries weight. It reinforces the United States’ investment capacity in AI infrastructure, a development that may indirectly pressure liquidity across the crypto market.
Source: Glassnode
Notably, the timing of this move is particularly unfavorable for crypto.
As the chart above indicates, Bitcoin’s [BTC] 90-day Realized Profit/Loss Ratio has fallen below 1.0, signaling that realized losses are now exceeding realized gains. This is a direct deterioration in net investor profitability.
Historically, this has aligned with tighter liquidity, as rising losses tend to reduce risk appetite and limit capital inflows into the crypto market. Against this backdrop, OpenAI’s move further concentrates capital in tech, giving equities a relative liquidity edge over digital assets.
In fact, hard data seemed to confirm this divergence further.
Despite sentiment shocks tied to Anthropic and DeepSeek, inflows into tech remain structurally intact. According to AMBCrypto, this structural resilience is precisely what is currently absent in the crypto market.
NVDA highlights the conviction gap the crypto market is facing
Nvidia is central to understanding where crypto is falling behind.
As AMBCrypto highlighted, NVDA beat expectations in its latest Q4 earnings report, delivering strong revenue growth. However, that fundamental strength didn’t fully translate into price continuation. On the charts, NVDA was down 6.65% at press time, marking its weakest weekly close in nearly four months.
Such a divergence between fundamentals and price action is a setup that can trigger tactical capital rotation into crypto.
Source: TradingView (NVDA/USD)
However, according to The Kobeissi Letter, underlying demand for NVDA is anything but weak. Retail investors reportedly bought around $360 million worth of NVDA shares following the earnings release – The largest opening-session retail inflow on record.
According to AMBCrypto, this reflects the structural gap between equities and crypto. Weak technical performances and macro FUD have not slowed capital flows towards tech, supporting its long-term market position.
In this context, growing NVDA demand isn’t a fluke. Instead, it’s a sign of where investor conviction is flowing. It’s a gap that deepens further for crypto with each AI-led market event, most recently OpenAI’s $110 billion funding.
Final Summary
- AI-driven capital is reinforcing equities’ liquidity and long-term positioning while putting pressure on crypto.
- NVDA highlights the gap in investor conviction as strong demand in tech contrasts with weaker flows and sentiment in the crypto market.
