Why Bitcoin Is Stuck Near $65,000 as AI Fuels Inflation
Bitcoin has returned to the $65,000 range, but the recovery is struggling to develop into a wider rally. The asset traded near $65,975 on Wednesday after briefly crossing $66,000, its highest level since early June. US spot Bitcoin ETFs recorded $203.2 million in net inflows on T
Bitcoin has returned to the $65,000 range, but the recovery is struggling to develop into a wider rally. The asset traded near $65,975 on Wednesday after briefly crossing $66,000, its highest level since early June. US spot Bitcoin ETFs recorded $203.
2 million in net inflows on Tuesday, marking six consecutive positive days. However, those inflows remain small compared with the combined $6.9 billion withdrawn during May and June.
The main obstacle is no longer limited to the crypto market. Bitcoin now faces pressure from an AI investment boom that is influencing inflation, interest rates, bond yields and competition for investor capital. Massive Outflows in May and June Shadow the Slow Recovery in US Bitcoin ETFs.
Source: SoSoValue The AI Boom Is Keeping Inflation Alive The Federal Reserve directly linked some of the recent inflation pressure to artificial intelligence investment in the minutes of its June meeting. Officials said strong demand for data centers, electricity and high-tech equipment was pushing up prices. They also warned that AI investment could keep economic growth above its sustainable rate, making inflation more persistent.
The latest corporate results show the scale of that demand. Alphabet raised its expected 2026 capital spending to between $195 billion and $205 billion after Google Cloud revenue jumped 82% in the latest quarter. Microsoft expects to spend around $190 billion this calendar year, including roughly $25 billion caused by higher component prices.
We are in the midst of the biggest technological revolution in modern history.Alphabet, $GOOGL, just raised their full-year 2026 CapEx guidance to up to $205 billion.This annual CapEx budget alone is larger than the market cap of all but 85 companies in the world.
The…— The Kobeissi Letter (@KobeissiLetter) July 22, 2026 Meanwhile, Nvidia reported that data-center revenue rose 92% year-on-year to $75.2 billion in its latest quarter.
The figures show that companies are still competing heavily
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