The global capital markets of April 2026 are experiencing a rare narrative divergence. On one side, the artificial intelligence sector continues to attract massive capital inflows, with hardware and infrastructure companies seeing their valuations soar; on the other side, the crypto market has fallen into silence after a cyclical retreat, with institutional participation still extremely low.

The valuation trajectories of these two asset classes are forming an increasingly widening gap — this is not only a price divergence but also reflects a deep misalignment in global capital allocation logic.
Pantera Capital founder and CEO Dan Morehead provided a precise quantitative assessment of this. On April 29, at an event in New York, Morehead publicly stated that AI stocks are currently fully priced, while Bitcoin still has about 43% undervaluation relative to its long-term historical trend. He straightforwardly said this is the largest he has seen in his career.