This chart puts the current AI run into full historical perspective.

AI stocks, the Big 10, now represent 39% of the S&P 500 market cap.
Don't think it matters for us in the crypto space?
Hear me out then.
That level is right at the ceiling of every major concentration cycle in the past 200 years, outside of the railroad era.
Railroads peaked at 63% in 1900.
Nifty Fifty at 40% in 1963.
Japan at 44% in 1989.
TMT at 41% in 2000.
Every single one of those peaked, and corrected hard.
Now, that doesn't mean AI is a bubble. Railroads were real. The internet was real. AI is real.
But what history tells us is that concentration at this level rarely sustains.
At some point, the market finds a reason to rotate.
Right now, all the money is flowing into AI, both in the S&P 500 and Crypto industry.
If something big enough hits, all risky assets will feel the pain, including $BTC.