CNBC analyst Santoli said that market focus has shifted from AI infrastructure to AI applications, and attention is on whether a key technology ETF can extend its bull run. Although this signal is aimed at U.S. stocks, changes in the AI narrative often flow through to crypto assets via risk appetite.

When capital moves from AI hardware (such as chips and computing power) to the software and application layers, it usually means the market values realized earnings more than long-term expectations. This style shift may reduce demand for safe-haven assets like “digital gold,” but at the same time it could increase interest in tokens for decentralized AI or payments. However, based on today’s data, BTC is trading at $79,026, down slightly by 0.11% over the past four hours; ETH is at $2,480, nearly unchanged; SOL is at $103.66, up 0.58% over the past four hours. The overall reaction is muted, suggesting the crypto market has not yet priced in this narrative shift.

This may be because the linkage between encrypted assets and the AI sector is still low, and the current market is more focused on its own liquidity conditions. If later U.S. AI application stocks continue to strengthen while the crypto market still shows no correlation, it would indicate that the two capital pools have become separated. Conversely, if they rise in sync, it may suggest that risk appetite is recovering.

Next, readers should track the capital flows of the technology ETF and the earnings guidance from AI application leading firms (such as software stocks). If AI infrastructure stocks rebound or if the Federal Reserve changes its policy direction, it could overturn the current assessment.

Risk warning: This article is for informational interpretation only and does not constitute investment advice.