US consumer weakness and equity rotation impact Bitcoin

Market analysts are highlighting a disconnect between the US equity markets and the cryptocurrency sector driven by shifting consumer sentiment. RBC’s head of US equity strategy, Lori Calvasina, has noted early signs of weakness in the American consumer, which could impact risk appetite and liquidity for high-beta assets like Bitcoin.

Simultaneously, on-chain analysis firm Glassnode reports that Bitcoin is being overlooked during a significant capital rotation. While weak consumer confidence is driving investors away from cash and toward equities—specifically AI-related stocks and commodities—Bitcoin has failed to benefit from this movement. Glassnode observes that capital is currently following assets that are already showing momentum, leaving Bitcoin stuck between key on-chain cost levels of approximately $63,000 and $68,700.