AI draining funds ≠ the death of crypto; it's just a narrative shift period, and the contrarian players' opportunity has arrived

CoinWorld News reports that Matt Hougan, Chief Investment Officer of Bitwise, warns that AI stocks are weakening the momentum trading position of cryptocurrencies, as investors begin shifting toward AI stocks. He states that the crypto market is under pressure because investors now have multiple rapidly developing alternatives to choose from. In his market report on June 2nd, he pointed out that assets such as AI stocks, robotics companies, and SpaceX are attracting market attention, leading to digital assets being sidelined. Hougan believes that the crypto market is currently very challenging and states that cryptocurrencies are shifting from momentum trading to contrarian investing, with AI stocks drawing more investor attention. Nevertheless, he emphasizes that this does not mean cryptocurrencies will disappear, but rather that the market's way of rewarding investors and projects has changed.