AI concept stocks cool down, and Bitcoin rebounds in its wake. On July 3, U.S. spot Bitcoin ETFs ended 10 days of net outflows, with a single-day inflow of $222 million, sending the price back to $62,000. But this rebound looks more like a temporary spillover of funds from an overheated AI segment than a trend reversal. AI sell-off was driven by structural concerns such as Meta selling computing power and signs that demand for storage chips has peaked, rather than a renewed recovery in macro risk appetite. On-chain signals are conflicting: the share of holdings held by long-term holders rose to 78%, but it is more like high-level chips becoming passively lodged; loss-making addresses exceed profitable ones, with MVRV nearing the cost line; and in the options market, bearish demand is elevated, with the ETH Put/Call Ratio rising to 1.29. Bitcoin is testing support at the Power Law level, and Fidelity’s macro director believes that a reversal catalyst is still missing. The structural pressure from AI capital “siphoning” has only temporarily eased. Whether the rebound can continue depends on whether the AI sector stabilizes and whether macro data can provide clear easing signals. Current focus: if AI continues to weaken, can Bitcoin attract enough buy-side demand to form an independent trend, or will it only become a temporary haven for risk avoidance?