Lekker Capital says pressure is building across crypto markets. Analyst Thompson argues that weakening liquidity and heavy selling have made conditions worse, with Bitcoin’s underperformance versus technology stocks reaching one of the more notable extremes in recent memory. In his view, much of the tech sector has remained relatively resilient, while crypto assets have fallen behind.
Bitcoin’s gap with tech stocks widens
Thompson describes the situation as the result of structural problems stacking up at the same time. With liquidity thin, the market has had less capacity to absorb selling, and that has made Bitcoin’s relative weakness stand out more sharply. While the Nasdaq has continued to rally in broad terms, crypto has not kept pace, leaving the divergence harder to ignore.
Lekker Capital trades across both macro markets and digital assets, and Thompson frames the issue as larger than crypto alone. He sees the risk of a capital squeeze extending into wider financial markets as well. That makes the competition for capital a central part of the current setup.
Major IPOs could pull trillions in investor capital
One of Thompson’s biggest concerns is an expected pipeline of very large IPOs, including SpaceX, Anthropic, and OpenAI. He says these offerings could draw trillions of dollars of investor capital away from the market and weaken liquidity even more. For crypto, that would mean direct competition for both capital and attention.
He also points to softer performance from the so-called Magnificent Seven even as the Nasdaq has moved higher. In a strong bull market, leading stocks usually carry the index. Thompson says that is not what the market is seeing now, with gains being driven more by semiconductor names and AI supply-chain companies than by the original group of tech giants.
AI spending is tightening the position of large tech firms
Thompson also highlights the strain facing major technology companies from heavy AI-related capital expenditure. According to him, that spending is squeezing free cash flow, lifting debt levels, and reducing companies’ ability to buy back their own shares. Cash flow pressure is becoming harder for the market to dismiss.
At the same time, cutting that spending would create another problem. Thompson warns that any pullback could weaken the semiconductor and AI infrastructure themes that have supported the broader tech sector. On that reading, neither large AI-focused firms nor the wider market have an easy route ahead, and the coming IPO wave could add another layer of pressure to both crypto assets and technology equities.