Arthur Hayes: Why hasn’t Bitcoin gone up? (Historical video) On June 26, 2026, Arthur Hayes @CryptoHayes shared in an interview with Bonnie Blockchain that the main reason Bitcoin hasn’t risen recently, despite the backdrop of money printing, is because capital expenditures in the AI sector have absorbed the market’s marginal capital. He believes that investors are currently in a frenzy chasing AI tech stocks and related supply chains, while newly wealthy individuals in the AI space are prioritizing spending on real estate and other hard assets or diversifying into Nasdaq stocks, rather than flowing funds into the crypto market. Arthur Hayes further analyzed that if AI stocks face a sell-off in the future, cryptocurrencies would likely experience synchronized declines during the initial crash phase due to their 24/7 high liquidity, as investors cash out first. This would result in a completely positive correlation with AI stocks until the market stabilizes, at which point the trends may diverge. Source: Bonnie Blockchain