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Why Didn’t Bitcoin Go Higher? Arthur Hayes Blames the AI Spending Frenzy • Arthur Hayes attributes Bitcoin's struggle to rise above $63,000 to the AI boom absorbing a significant portion of newly created dollar liquidity, diverting capital away from crypto investments. • Despite an increase in dollar creation, Bitcoin's performance lagged behind AI-related investments, with Nvidia's stock rising approximately 11x compared to Bitcoin's 7x gain since the launch of ChatGPT. • Analysts caution about Bitcoin's near-term outlook, suggesting it may be in a bear market cycle with potential lows between $40,000 and $48,000 expected by late 2026.