Key Takeaways Glassnode says bitcoin trades near half its October 2025 peak while US stocks hit record highs. US equities set a fresh record on August 7 as AI-driven gains pull household cash off the sidelines. Core inflation held at 2.5% in July even as bitcoin failed to benefit from the shift out of cash. A Confidence Paradox Consumer confidence remains, in Glassnode’s words, “among the weakest readings of the past decade,” even after two consecutive months of improvement. That weakness hasn’t stopped households from moving money out of cash and into assets as consumers continue to expect living costs …