Hot Money Rotates from Crypto to Gold to AI to Memory as Momentum Fades
The crypto sector remains deeply out of favor as investor flows rotate into AI infrastructure, semiconductor, and memory-related equities. Bitcoin surged over 650% from its November 2022 low to an October 2025 peak near $126,000, but has since lost momentum. Gold followed a delayed trajectory, peaking above $5,200 per ounce in February 2026 before correcting nearly 20%. NVIDIA peaked near $225 per share in May 2026 and has since stalled. Hot money has now shifted to memory and semiconductor companies like SanDisk and Micron Technology, with Micron entering the $1 trillion market cap club after being valued at $70 billion a year ago. Potential major IPOs from SpaceX, OpenAI, and Anthropic could further divert speculative capital away from crypto, sidelining bitcoin and other cryptocurrencies from bull runs for an extended period. A recent flash crash in a SpaceX-linked crypto token highlights the thinning liquidity and retail vulnerability in the crypto market.
Key facts
- Bitcoin peaked at ~$126,000 in October 2025 after a 650% rally.
- Gold peaked above $5,200/oz in February 2026, then corrected 20%.
- NVIDIA stalled near $225 after peaking in May 2026.
- Micron Technology joined $1T market cap club from $70B in a year.
- SpaceX, OpenAI, and Anthropic IPOs may divert speculative capital.
- SpaceX-linked token flash crash wiped out $1.51M in 30 minutes.