FUD Double Whammy Hits AI and Crypto

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$50B Into Crypto This Year

According to a report published this week by JP Morgan–in which the above chart was published–$50 billion has entered crypto this year, putting 2026 on course for around $66 billion.

That’s an improvement from the $52 billion annual pace measured in May, although the chart shows inflows still trailing approximately $110 billion in 2025 and $160 billion in 2024, with the shaded portion representing the annualized estimate.

As for flow sources, JP Morgan reports that demand is broadening: Strategy’s BTC buys, and venture funding were the main drivers in H1, while ETFs and institutional futures positions strengthened in Q3. Also, ETF flows have turned positive for the year after improvement in August.

Shorts Open on TSLA - Sponsored by Kalshi

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TSLA looks good for short positions here, as the price is meeting resistance right below the huge triangle range that price was formerly trading in. Additionally, that lines up with the 200D moving average, and the candles are marking out a shape that could be interpreted as a head and shoulders pattern.

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OpenAI Revenue Confusion Hits Stocks

AI stocks took a hit on Thursday after the Financial Times reported that OpenAI’s annualised revenue was approaching $50 billion, which is around $20 billion below the $70 billion previously reported by the FT and other outlets.

However, it appears that all was not as it first appeared: The $50 billion figure came from OpenAI itself, using accounting that includes only OpenAI’s share of certain sales through cloud partners. Meanwhile though, the $70 billion figure came from OpenAI investors, who had added back the partners’ cut, using a method that matches Anthropic’s accounting.

Both accounting methods are valid, but are inconsistent if mixed, which is exactly what the FT did, comparing the $50 billion figure with the $70 billion figure even though they were calculated differently. As a result, it presented an accounting difference as though it indicated disappointing sales.

The above chart from TickerTrends shows the ongoing increase in OpenAI revenue, while this week’s confusion is a reminder to check the details behind the headlines, and remember that algo-driven trading and retail panic can amplify selling before the accuracy of a story has been verified.

Crypto Dips on AI FUD

In case you missed it, earlier this week, Ethereum researcher Justin Drake raised the alarm that AI-driven advances in mathematics could undermine wallet cryptography.

Following this, Drake’s warning appears to have been a key trigger for a crypto sell-off that coincided with the above-mentioned stock dip, with BTC falling around 3.3%, ETH dropping around 5.7%, and altcoins more broadly moving lower.

Macro concerns and the OpenAI revenue story may also have been factors, while leverage supplied an accelerant, with around $1.19 billion–more than $1 billion of which was long positions–liquidated over the course of 24 hours.

But is the fear justified? Not according to Coinbase’s head of cryptography, Yehuda Lindell, who issued a strong response to Drake, stating: “making such statements without any evidence is the opposite of responsible behavior. It is the very definition of FUD”.

And taken together, this week’s price action across both stocks and crypto presented a strangely illogical picture: Crypto sold off on fears that AI was becoming too powerful, while AI stocks sold off on supposedly lacklustre AI financials.

Or in other words, markets were simultaneously frightened by AI’s capabilities, and disappointed that AI isn’t delivering on the hype.

SpaceX Aiming to Become Major US Mobile Carrier

SpaceX is making moves as a US mobile carrier, with the company on Thursday agreeing to buy a nationwide 800 MHz radio spectrum portfolio from investment firm Grain Management, although regulatory approval for the deal is still required.

The acquisition can provide the critical low-band airwaves needed for Starlink Mobile to penetrate walls and deliver seamless indoor phone coverage, while SpaceX plans to combine satellites with equipment on the ground, expanding coverage.

Starlink already assists carriers such as T-Mobile in connecting phones beyond network limits, but running a full mobile service would let SpaceX compete directly for phone subscriptions. Also, the US communications regulator, the FCC, this week approved 15,000 next-generation SpaceX mobile satellites.

The spectrum acquisition news immediately hit telecom stocks, with AT&T, Verizon, and T-Mobile all moving lower, indicating that the market is taking SpaceX’s ambitions seriously.

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