$STBL$AMD The AI narrative is being rejected by capital—chip stocks are being sold off, an Anthropic valuation report is fueling concerns about fundraising, and hotter-than-expected PPI has revived expectations of Fed tightening. Money is rotating out of AI trades en masse and into bonds for safety. This isn’t an ordinary pullback; it’s a repricing of the liquidity outlook. The transmission is clear: losses in U.S. AI stocks → shrinking risk appetite → rising expectations for a stronger dollar index → crypto, as a high-beta risk asset, takes the first hit. But note that BTC is still holding above $80,000 at $82,316, up 1.03% over 24 hours, suggesting that the U.S. stock sell-off has not yet turned into systemic deleveraging. Institutional money is currently rotating within U.S. markets from AI into bonds, rather than broadly exiting risk assets—giving crypto a window of reprieve. The key variable is interest-rate expectations: if the PPI surge persists, the Fed’s rate-cut path will narrow and dollar liquidity will tighten at the margin. That would weigh on BTC’s independent rally, with alts under even greater pressure. But as long as BTC holds the $80,000 level, crypto could actually absorb some of the smaller-scale risk appetite spilling over from AI amid this rotation. My view: in the short term, BTC will consolidate between $80,000 and $85,000 as it digests macro pressures. If the sell-off in U.S. AI stocks intensifies and the dollar strengthens, a retest of support at $78,000 cannot be ruled out; however, a drop below $75,000 is unlikely unless the Fed clearly turns hawkish.