Why did BTC suddenly surge? Behind it is a major shift in the logic of corporate spending

BTC broke through 97K in the past 24 hours, aiming for 100K,

which also drove a rebound in high beta cryptocurrencies.

What truly fueled this surge,

are the optimistic signals conveyed in MSFT and META's conference calls.

1️⃣ BTC is currently the clearest and most directional risk asset in the market.

In an environment where U.S. stock valuations are already high and funds are starting to redefine their anchors, BTC has once again become a recipient of macro liquidity.

2️⃣ Altcoins that have conceptual links to AI themes are expected to receive support in the next round of rotation.

Projects like FET, RNDR, and AKT are related to computing power, data, and infrastructure, and possess characteristics that attract narrative-driven funds.

3️⃣ ETH and L2 projects have not exited the stage, but lack short-term catalysts.

In the short term, the market's focus remains on BTC and high elasticity projects, while ETH's subsequent performance will depend on new developments in staking, security, or ecological protocols.

In the latest quarterly earnings call, Microsoft and Meta almost unanimously emphasized their continued investment in AI infrastructure. Meta has raised its full-year capital expenditure for 2025 to $72 billion, while Microsoft noted that Azure AI services have grown by as much as 34% year-over-year.

These numbers represent the tech industry's determination to increase spending and seize technological leadership, even amid unfulfilled revenue and profit expectations.

This spending is not just a momentary market speculation or hype, but rather a large-scale, continuous capital allocation. This will force funds to redefine which assets have the capacity to support growth expectations.

Against the backdrop of traditional tech companies facing decreased marginal attractiveness due to rising valuations, BTC has instead become a clean, direct container for funds. It is not tied to cash flow, does not rely on short-term consumption data, and is not restricted by the definitional boundaries of company earnings reports, yet it can quickly attract funds that have insights into macro or technological trends.

The uniqueness of BTC lies in its ability to act as both a store of value and a liquidity receiver. When companies invest heavily in AI, it signifies that the future interest rate environment will shift from tightening to easing. BTC itself does not possess the ability to generate cash flow, but when liquidity is expected to return to the market, it becomes more likely to gain favor from a market re-evaluation.