OpenAI Raises $110B, Drains Crypto Liquidity

On Feb. 28, 2026, OpenAI announced a $110 billion capital raise, underscoring the U.S.'s deep private investment into AI infrastructure and intensifying competition among U.S. tech firms. Glassnode data shows Bitcoin's 90-day realized profit/loss ratio fell below 1.0, meaning realized losses exceed gains; analysts say concentrated tech funding could draw liquidity away from crypto markets, limiting inflows and reducing risk appetite.