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▲ Artificial Intelligence (AI), Stocks, Blockchain, Cryptocurrency, Bitcoin (BTC), Ethereum (ETH), Hyperliquid (HYPE)/AI Generated Image
An analysis suggests that Wall Street funds have begun to shift from overheated AI-leading stocks to cryptocurrencies and on-chain cash flow assets.
Louis Raskin, host of the cryptocurrency-focused YouTube channel Coin Bureau, stated in a video uploaded on September 15 (local time) that the AI investment frenzy has not collapsed but has become fatigued. Nvidia (NVDA) exceeded market expectations with $96 billion in revenue and $2.22 in EPS, but its stock price only rose 2.8% in the past month. Broadcom (AVGO) also saw an 86% year-over-year increase in revenue and a 221% increase in AI semiconductor revenue, yet its stock price fell by over 16% in the past month. Raskin explained, "In a healthy trade, good news moves the price, but in a fatigued trade, good news is already priced in."
Changes in institutional positions were also presented as evidence of easing AI concentration. In Bank of America's global fund manager survey, the percentage of respondents who cited semiconductor purchases as the most crowded trade fell from 82% in July to 53% in August. During the same period, the Nasdaq 100 fell by 0.6%, the S&P 500 by 0.5%, and tech stocks by 0.3%. In contrast, Bitcoin (BTC) rose by over 21%, Ethereum (ETH) by 30%, Coinbase (COIN) by 20%, and Hyperliquid (HYPE) by 53%. Raskin presented this divergence as evidence of fund rotation.
The movements of billionaire investor Stanley Druckenmiller also drew attention. His family office divested all its holdings in Broadcom, Intel (INTC), and Micron (MU). Instead, it acquired 2.94 million shares in a company that accumulates and stakes Hyperliquid tokens. The value of this position was stated as $23 million. He also newly invested $64 million in a company that expanded from Bitcoin mining to data center operations. The number of institutional holders of related companies increased by 122% in three months, reaching 202.
ETF fund flows also pointed in the same direction. US Bitcoin spot ETFs saw an inflow of $986 million in the week leading up to September 4. The net inflow for three consecutive weeks amounted to approximately $3.8 billion, marking the strongest flow since 2026. Net inflows in August exceeded $3.5 billion, and on September 3 alone, $730 million flowed in. Ethereum spot ETFs also attracted $1.85 billion in August, recording their largest monthly net inflow in a year. Hyperliquid-related ETFs have seen a total of $356 million in inflows for five consecutive weeks since their launch.
Raskin analyzed that Hyperliquid is attracting institutional interest more with its cash flow structure than with simple cryptocurrency price appreciation. Hyperliquid recorded total protocol fees of $419 million in the first half of 2026, a 31% increase year-over-year. 97-99% of eligible transaction fees are used to buy HYPE from the market and permanently burn it. The cumulative purchase volume is approximately $1.3 billion, and 4.8% of the initial supply has been burned. Raskin emphasized that institutions beginning to evaluate cryptocurrencies based on revenue, fees, and token buyback yields is the biggest change in this cycle.
[Key Article Summary]
-AI-leading stocks showed subdued price reactions despite strong earnings, and the proportion of semiconductor buy preference dropped from 82% to 53% in one month.
-During the same period, Bitcoin rose over 21%, Ethereum 30%, and Hyperliquid 53%, with cryptocurrencies significantly outperforming tech stocks.
-Coin Bureau views the fact that institutions have started evaluating cryptocurrencies based on cash flow, fees, and token buyback structures as the core of this fund shift.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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