Bitcoin Holds Near $77K as Wedbush Warns AI Diverts Crypto Capital

Bitcoin trades near $77,016, up modestly over 90 days but down 6% for the week, as institutional attention centers on miners pivoting into AI infrastructure. The narrative began May 13 when Binance founder CZ urged focus on AI data centers and power assets. Jefferies followed on May 14 with Buy ratings, citing a widening supply gap. The story peaked May 19-20 when Bernstein highlighted $90 billion in AI deals covering 3.7 GW and assigned Outperform ratings to IREN, CleanSpark, Riot and Core Scientific, noting miners control 27 GW of planned power capacity. A May 21 Wedbush note warned AI is now diverting capital from crypto.