Over the past two years, better AI forecasts and increasing investment outlays by tech giants have often coincided with higher U.S. Treasury yields and reduced expectations of near‑term interest rate cuts. Markets increasingly view AI spending as a driver of structural growth that can support earnings stability and broader economic activity despite restrictive monetary conditions.
For the crypto market, this matters because during periods of strong tech sector revival, Bitcoin and Ethereum increasingly behave as liquidity‑sensitive risk assets. During significant AI‑driven equity market rallies that have occurred since the ChatGPT launch cycle, BTC and ETH showed strong correlation with the Nasdaq index and large‑cap tech stocks, often exceeding 0.7 during periods of upward earnings revisions and rising AI spending expectations.
This indicates that digital assets remain closely tied to overall market sentiment and liquidity conditions. If AI spending continues to support growth forecasts and delay decisive Fed easing, the crypto market may continue to benefit from a greater risk appetite driven by the tech sector. However, any slowdown in AI investment or weakening corporate spending signals could begin to negatively affect both tech stocks and digital assets.
Ignacio Aguirre, CMO Bitget
