Robbie Mitchnick, the digital asset manager in Beled, stated that AI ' s related assets were continuously siphoning off market funds and attention, which put more pressure on non-AI assets such as Bitcoin. According to him, since 2025, significant capital flows have been to AI themes and in 2026 AI equities have outperformed bitcoin.
Money preferences to AI
According to Mitchnick, the current market is more concerned with which assets can be directly involved in AI infrastructure, numeracy and application construction. Assets that are not well-connected with AI are more likely to be subject to more rigorous funding screening.
He stated that bitcoin had gone through a relatively difficult phase since last October, not only in the encryption market, but also in a wider range of non-AI assets. The strength of the AI plate is reducing space for other themes to receive attention and configuration.
AI, stock runs for bitcoin.
The background to this statement is that the AI-related equities continued to be strong in 2026. Mitchnick said that, despite the fact that the industry was still under capital expenditure pressure, funds were still concentrated in AI assets, and the attractiveness of not being involved in this round of technology construction was declining.
The article mentions that market criteria for assessing assets are changing. The ability to link to AI narratives is becoming an important basis for some of the funds to be allocated. Against this background, Bitcoin is considered to be at risk of marginalization.
Mining to AI Data Center
At the same time, Bitcoin Mining is refocusing its operations. According to the article, some mining companies have moved from simple mining to providing electricity and infrastructure support to the AI data centre and have entered into relevant contracts of billions of dollars.
The companies named include Core Science, IREN, HIVE Digital and TeraWulf. For these enterprises, the original Bitcoin mining operation is being relegated to a secondary position, while the service AI data centre has become a higher priority for growth.
This change also reflects the restructuring of industry profits. If AI continues to provide higher returns for related operations, the continued shift of mining resources from mining to data centres may further change the operating model of the encrypted mining industry.