An analysis said that even as U.S. consumer confidence falls to a record low, money is moving into stocks, AI-related shares and commodities, while bitcoin is largely left out of the flow.

On Aug. 17, blockchain media outlet CoinPost reported that on-chain analytics firm Glassnode pointed out on its official X account that, against the backdrop of weak consumer sentiment, cash is flowing into stocks, AI-related shares and commodities.

The key point is that risk assets are not moving together even as perceptions of the U.S. economy worsen. Glassnode said that although the U.S. consumer confidence index has sunk to a record low, the stock market continues to set new highs. That means there is a clear split over where money is heading.

The numbers also show the trend. The S&P 500 index rose as high as 7,814.88 in mid-August, lifting the closing level above 7,800 for the first time. That reflects continued inflows of liquidity into the stock market, particularly into groups of shares with high growth expectations. Glassnode assessed that bitcoin has been "almost sidelined in this capital shift."

The commodities market was no exception. Gold rose to $4,397. Over the past month it gained 9.75 percent and was up 32.00 percent from a year earlier. The original report cited expectations of slowing inflation and continued buying by central banks as the backdrop. Despite weaker consumer sentiment, money appears to be spread at the same time into assets with safe-haven characteristics and some risk assets.

Bitcoin, by contrast, continues to tread water. Bitcoin has moved in a box range between $63,500 and $65,000 in August and, as of Aug. 17, has not broken out of that range. Unlike the stock market and gold, which have each risen into high territory, bitcoin has failed to establish a direction.

This price divergence is read in tandem with a change in capital rotation. Glassnode said, "The stock market continues to set new highs," and at the same time mentioned that cash is moving into stocks, AI-related shares and commodities. That reflects a view that bitcoin is not receiving an immediate benefit even in the same macro environment.

Glassnode provides on-chain indicators and market reports based on blockchain transaction data. It is known for interpreting market trends by combining macro indicators with on-chain data. This time it compared consumer sentiment, the stock market, commodity prices and bitcoin price moves to present priorities in the current flow of money.

For market participants, it can be seen as a phase in which which asset classes current liquidity favours has become more important than bitcoin's rise or fall itself. Since early August, bitcoin has been trapped in a narrow range while stocks and gold continue to post gains, suggesting that shifts in capital rotation will likely be the key point in determining whether bitcoin rebounds.