Gold has surged to a record high of $4,475 per ounce, overshadowing Bitcoin’s struggle to maintain momentum. Silver also hit a record high near $70 per ounce, challenging the ‘digital gold’ narrative. Capital is flowing into AI infrastructure, with Alphabet acquiring Intersect for $4.75 billion.

Crypto miners like Hut 8 are pivoting to high-performance computing, benefiting from the demand for data center capacity. However, record options expiries of $27.4 billion in Bitcoin and Ether are creating caution among traders on the Deribit exchange. The market is favoring tangible assets and growth narratives over crypto.

Miners shifting to AI infrastructure signals a broader re-evaluation of the sector. Hut 8’s move challenges the investment thesis for pure-play mining operations, indicating a more reliable and potentially more lucrative application for high-performance computing assets. Bitcoin is caught between the rise of gold and AI stocks.

Read more at Yahoo Finance: Bitcoin Falters as Gold Hits Record $4,475, AI Stocks Command Capital