Asset Restructuring Under Macro Variation: When the “AI Faith” in US Stocks Falters, the Crypto Market Enters “Liquidity Redemption”

The capital markets in July 2026 are undergoing a textbook-style “major style shift.”

The “AI narrative” that dominated the market over the past two years has run into a cold spell at elevated levels, while crypto assets—once sidelined—are, driven by improving expectations for macro liquidity, quietly completing a rebound off the bottom. This is not a simple sector rotation, but a repricing of “value” and “risk” by global capital amid rising uncertainty.

US Stock Pains: From “Blind Faith” to “Performance Verification”
The pullback in the US technology sector is, in essence, a “stress test” of how quickly AI commercialization can be realized. As US June non-farm employment data came in far below expectations, concerns about the risk of an economic recession have been increasing. Against this macro backdrop, funds are starting to withdraw from pure concept speculation and shift toward assets with more defensive characteristics.

- “Valuation Anxiety” Among AI Giants: AI leaders represented by Meta and Nvidia still have strong fundamentals, but the market is no longer willing to pay an excessively high premium for a distant future. Once the growth rate of capital expenditure (Capex) slows or return on investment (ROI) fails to meet expectations, stock prices face sharp corrections.
- The Rise of the “Barbell Strategy”: Smart money is adopting an “all-around offense and defense” approach. On one end is embracing high-dividend energy stocks (such as Chevron CVX up 2.54%) and defensive sectors; on the other end is retaining part of the core tech positions but sharply reducing leverage. This shift in portfolio thinking marks that the US stock market is moving from a “one-way bull market” into a new phase of “range-bound churn and divergence.”

Crypto Market: The “Canary” of Liquidity Expectations
Unlike the pressure on US tech stocks, the crypto market—especially Bitcoin—is becoming the biggest beneficiary of expectations for macro liquidity easing.

- Bad News Is Good News: Although weak employment data raises worries about the economy, it also directly lowers the likelihood that the US Federal Reserve will continue with aggressive rate hikes. For the crypto market, which is extremely sensitive to interest rates, this means the “faucet” may be turned on again.
- Technical “Double-Bottom” Confirmation: After a prolonged period of drifting downward, Bitcoin has successfully formed a solid base in the $58,000–$60,000 range. As the price moves back above the $61,000 threshold, accompanied by a moderate increase in trading volume, technical investors generally believe this is the starting point of a new cycle.
- The “Catch-Up Rally” Logic for Altcoins: As BTC stabilizes, market risk appetite begins to recover. High-quality assets in the Ethereum (ETH) and Solana ecosystems are starting to show signs of capital inflows. This indicates that market sentiment has shifted from mere “risk aversion” to a “tentative offensive.”

Conclusion: Finding Certainty in Chaos
The current market environment is neither a full-scale collapse nor a mindless frenzy. It is more like a process of “separating the true from the false.”

For investors, the key task right now is no longer chasing the highest gains, but identifying which assets truly have the ability to “generate cash flow.” In US stocks, that means focusing on companies that can turn AI into real profits; in the crypto market, that means focusing on core targets that are likely to rebound first when liquidity returns.

In this grand asset restructuring, only by staying clear-headed and riding the trend of the “great rotation” can one cross the cycle and stand in an unshakable position. $BTC ‌#ETH突破1700