Sasha why NOT

Markets are sending mixed signals: Bitcoin remains weak despite softer macro conditions, capital is rotating inside equities, and AI investors are becoming much more selective.
Here’s what matters 👇
₿ 1. #bitcoin is struggling around $63K
$BTC is trading near $63K, but the bigger story is what isn’t happening.
US inflation has cooled and expectations for easier monetary policy are improving — conditions that would normally support risk assets.
Yet Bitcoin still can’t produce a convincing breakout.
That divergence matters. If macro conditions are becoming more supportive while BTC remains weak, the problem may increasingly be crypto-native liquidity and demand, rather than the Fed.
📈 2. Money is returning to stocks — but rotating away from tech
US equity funds recorded roughly $2.58B in weekly inflows, while growth funds attracted around $8.78B, their strongest inflow since November 2024.
But technology funds saw approximately $4.62B in outflows.
Meanwhile, bond funds attracted about $9.4B.
The message: investors aren’t necessarily leaving markets — they’re repositioning.
This could become important if capital continues rotating from expensive AI/tech names toward cheaper sectors.
🤖 3. Anthropic could become the ultimate test of AI valuations
Anthropic is preparing for a potential IPO, and investor valuation models reportedly include revenue expectations of roughly $190–200B by 2028.
That is an enormous number.
An eventual Anthropic IPO could therefore become a referendum on the entire AI boom.
Strong demand could push AI valuations even higher.
Weak demand could force investors to reconsider how much future growth is already priced into AI stocks.
🇨🇳 4. US–China competition is moving beyond trade
The strategic battle between Washington and Beijing increasingly involves AI, semiconductors, supply chains, critical minerals and technological standards.
Microsoft has reportedly closed at least 15 operations and joint ventures in China over the past five years, highlighting how geopolitical fragmentation is already reshaping corporate strategy.
For investors, companies building alternative supply chains outside China could become increasingly important.
⚡ 5. The AI infrastructure boom is entering its next phase
India’s Larsen & Toubro reportedly secured an AI data-center project worth as much as $1.57B, connected to $NVDAB -powered infrastructure.
At the same time, Cerebras shares recently dropped roughly 16% after earnings, despite strong demand for AI chips and a higher annual outlook.
That tells us something important:
Simply being an “AI company” is no longer enough.
Investors increasingly want revenue, margins and execution.
The bigger opportunity may therefore be underneath the models themselves:
Power → data centers → cooling → memory → networking → inference chips.
🎯 My takeaway
Two divergences are becoming increasingly interesting:
Bitcoin is weak despite improving macro conditions.
AI companies can fall despite rapidly growing businesses.
The market may be moving from narrative investing → cash-flow investing.
And that could define the next phase of this cycle.
$BTC

Eine Studie über die Beziehung zwischen der Kursentwicklung von Bitcoin und Kapitalzuflüssen in Spot-Bitcoin-ETFs.
Einführung
Am 11. Januar 2024 wurde eines der wichtigsten Meilensteine in der Geschichte von Bitcoin erreicht: die Einführung der ersten US-Spot-Bitcoin-ETFs.
Zum ersten Mal erhielten Pensionsfonds, Vermögensverwalter, Family Offices und institutionelle Anleger Zugang zu Bitcoin über das traditionelle Finanzsystem.
Fast zwei Jahre später können wir endlich eine wichtige Frage stellen:
Wer treibt Bitcoin heute an – der Markt selbst oder ETF-Investoren?