Bitcoin Left Out of Risk-Asset Rotation as US Consumer Gloom Deepens

The on-chain analytics platform said on Aug. 17 that US consumer confidence has fallen to its lowest level on record while the stock market keeps reaching new highs, underscoring a clear divergence between the two indicators.

Consumer confidence tracks how positively or negatively households view current and future economic conditions. While weakening sentiment would typically weigh on demand for risk assets, recent moves in financial markets suggest otherwise.

Glassnode said investor money is moving out of cash and into stocks, artificial intelligence-related assets and commodities despite softer consumer sentiment.

Bitcoin, by contrast, has not been a clear beneficiary of that rotation. Demand for the token has remained relatively weak even as equities extend gains and capital shifts toward AI-linked assets and commodities.

“Weak consumer sentiment is pushing capital out of cash and into stocks, AI and commodities,” Glassnode said. “Bitcoin is being largely left out of this rotation.”