Energy, Miners, and Liquidity: The Forces Reshaping Bitcoin in 2026

In a market still echoing with missed price targets, broken narratives, and recycled bull-case slogans, clarity has become the most valuable asset of all. That is exactly what listeners get when AInvest’s Adam Shapiro sits down with Steven McClurg , CEO of Canary Capital , on Capital & Power. This is not a hype interview. It’s a reality check—delivered by someone who has spent decades managing risk, not chasing headlines.

McClurg is not a crypto evangelist, and that is precisely why his perspective matters right now. Before founding Canary Capital , he built his career in traditional finance, managing fixed income and portfolio construction at institutions like Guggenheim Partners, later co-founding Valkyrie Investments (acquired by CoinShares), and holding senior roles at Galaxy Digital. That background gives him a rare vantage point at the intersection where crypto speculation ends and institutional capital begins.

For Bitcoin investors and traders, this episode arrives at a critical moment. After peaking near $126,000 in October 2025, Bitcoin failed to deliver the blow-off top many expected. McClurg walks through WHY that happened, pointing to rising electricity costs driven by AI data center expansion that forced miners to sell earlier than usual. He also explains how the launch of spot ETFs reshaped Bitcoin’s market structure, collapsing the futures basis trade and removing a key source of leveraged demand.

The result was a cycle that remained technically intact—but ended differently than most anticipated. McClurg doesn’t sugarcoat what comes next. He outlines why Bitcoin may remain technically fragile in 2026, with downside risks that many investors are still reluctant to acknowledge. Structural support levels in the $60,000–$70,000 range are discussed openly, grounded in liquidity conditions, miner economics, and macro pressures rather than fear-driven speculation.

Importantly, the conversation doesn’t stop at caution. One of the most compelling themes is divergence. McClurg argues that crypto is entering a phase where assets no longer move as a single trade. Energy-intensive proof-of-work assets like Bitcoin face different constraints than protocols built around real-world usage and transaction growth. That distinction matters as the market matures.

From there, the discussion turns constructive. McClurg highlights areas he believes represent the next phase of digital asset growth, including stablecoin infrastructure, on-chain lending, and real-world asset tokenization. Platforms like XRP Ledger and Hedera stand out not because of hype, but because real transactions are occurring and institutions are actively building on them. These are networks evolving into financial infrastructure, not just speculative vehicles.

Privacy also emerges as an underappreciated theme. McClurg explains why optional privacy features in assets like Litecoin could grow in importance as digital money becomes more embedded in everyday financial activity. In a world increasingly focused on compliance, surveillance, and control, functionality—not ideology—may drive adoption.

Throughout the episode, McClurg’s fixed-income discipline is evident. He emphasizes liquidity, consumer balance sheets, labor markets, and central bank policy as the forces that ultimately shape speculative behavior. His explanation of why retail investors failed to fuel a late-cycle Bitcoin surge—because consumers are stretched, indebted, and capital-constrained—cuts through years of surface-level crypto commentary.

Listeners also gain insight into how Canary Capital operates, from passive ETFs to an actively managed hedge fund that dynamically adjusts risk using fixed income exposure, all supported by a macro-driven research process.

The message is clear: 2026 is not about blind exposure. It’s about selectivity, risk management, and understanding which parts of crypto are becoming durable infrastructure—and which remain pure trades.

For anyone with Bitcoin exposure, trading crypto volatility, or trying to understand where digital assets fit in a broader portfolio, this episode of Capital & Power is required listening. McClurg doesn’t offer moonshot promises. He offers something far more valuable: a framework for navigating what comes next.

If you care about Bitcoin beyond the headline price and want a clear-eyed view of where real capital is positioning, this is a must-listen episode of Capital & Power.