CoinDesk
Bitcoin surged more than 650% between November 2022 and October 2025, peaking near $126,000 alongside Donald Trump's 2024 election victory, before sliding into a prolonged bear market. Gold followed a delayed but similar arc, breaking out near $2,000 per ounce in early 2024 and eventually climbing above $5,200 in February 2026 — roughly four months after Bitcoin topped — before correcting nearly 20% to trade below $4,400. NVIDIA followed the same pattern, peaking near $225 per share in May and easing to $212, leaving the stock only slightly higher over the past six months.
Why it matters
Capital flows and market attention have shifted decisively from crypto toward semiconductors and memory-related equities. Memory exposure has supplanted AI bellwethers like NVIDIA as the hot-money target, with Micron Technology recently entering the $1 trillion market-capitalisation club after sitting at just $70 billion a year earlier. SanDisk has ridden the same rotation. With SpaceX, OpenAI and Anthropic potentially heading toward IPOs, the next magnet for speculative capital is already forming.
Market impact
The rotation leaves the crypto sector deeply out of favour on both price and sentiment, sidelined for far longer than a typical post-peak cooldown. Upcoming AI-infrastructure listings could absorb the bid that once drove Bitcoin and gold, delaying any crypto re-acceleration until the new shiny object loses its lustre. Watch the SpaceX, OpenAI and Anthropic IPO timelines as the next inflection point for where momentum capital parks.
Frequently asked questions
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How much did Bitcoin rally before peaking?
Bitcoin surged more than 650% from roughly $15,000 in November 2022 to a peak near $126,000 in October 2025, with much of the move occurring between September 2024 and January 2025 after Donald Trump's 2024 election victory.
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How high did gold climb and where does it trade now?
Gold broke out near $2,000 per ounce in early 2024, climbed above $5,200 per ounce by February 2026, then corrected nearly 20% to trade below $4,400 per ounce.
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Why are memory chips the new hot-money trade?
Speculative capital has rotated from crypto and gold into semiconductors, with Micron Technology entering the $1 trillion market-cap club after sitting at just $70 billion a year earlier and SanDisk riding the same rotation.
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Which upcoming IPOs could absorb the next wave of speculative capital?
SpaceX, OpenAI and Anthropic are all potentially heading toward IPOs, with SpaceX tipped as the largest IPO in history and all three named as plausible next destinations for momentum-driven capital.
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What does the rotation mean for the crypto sector?
Crypto is described as deeply out of favour on both price and investor sentiment, with the analysis warning it could be sidelined from bull runs for far longer than expected as the speculative bid moves to AI-infrastructure listings.
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