Bitcoin is being dragged into a broader risk-off move ahead of the next FOMC meeting as concerns about funding artificial intelligence infrastructure coincide with another surge in oil prices. CoreWeave’s five-year CDS reached about 1,128 basis points, compared with 30 points for Oracle, its shares fell 10% on October 10, and the KOSPI dropped more than 14% in one week, its worst five-day performance since 2008. QCP said bitcoin continues to track broader equity sentiment rather than establish itself as an independent safe haven. Brent crude touched $114 per barrel on Friday, even though only three AIS-broadcasting vessels were recorded in the Strait of Hormuz on October 20, with estimates putting actual flows at 3.7 million to 13 million barrels per day. The combination of high energy costs and AI-related credit stress could keep inflation elevated and make it harder for the Federal Reserve to cut interest rates.
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