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Julian Liniger, chief executive of bitcoin company Relai, says the current $BTC bear market is partly a side effect of the global artificial intelligence infrastructure boom — and argues that if AI spending eventually plateaus, some of that sidelined capital could find its way back into bitcoin.
What "Liquidity Absorbed by AI" Actually Means A bear market is a sustained period of falling or stagnant prices, typically driven by reduced buying pressure rather than a single shock.
Liniger's argument is about where that buying pressure went, not just that it disappeared. His point is mechanical: large pools of investable capital are finite.
When institutions and high-net-worth allocators pour money into data centers, chips, and AI-adjacent infrastructure, they are drawing from the same liquidity pool that might otherwise flow into speculative or alternative assets like bitcoin.
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