As billions of dollars have flooded into Big Tech over the last six weeks, bitcoin trading volumes and demand have slumped. Since April 25, the NYSE FANG+TM index of big tech and growth stocks has surged 24%, nearly three times the broader Nasdaq. The AI boom has gathered momentum despite the rise in bond yields and discount rates. This has highlighted bitcoin's underperformance and strongly suggests that outside the rarified world of Big Tech, investors are much more discerning. Indeed, just seven U.S. tech stocks have driven all of the positive S&P 500 returns so far this year, according to analysts at Barclays.

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Persons: Crypto, Matt Weller, Weller, bitcoin, Vanda, Vanda's Marco Iachini, cryptocurrencies, Jamie McGeever, Sam Holmes Organizations: Nasdaq, NYSE, Reuters, Big Tech, Microsoft, Barclays, Vanda Research, Thomson Locations: ORLANDO, Florida, U.S