As the AI Trade Gets Repriced, Bitcoin (and these crypto stocks) May Capture Some of the Value

Before the Consensus Catches Up

Korea’s Kospi just dropped 42%, dragged down by the same AI-trade tech names driving private LLM valuations. If that correlation holds, Anthropic and OpenAI are due for a serious repricing, and the reason isn’t demand; it’s commoditization.

As Chinese models flood in and margins compress, capital is already voting with its feet: up the stack toward chips and power, down the stack toward applications that now buy frontier intelligence at a fraction of last year’s cost.

We break down what it means for our Bitcoin positioning heading into a pivotal FOMC week, including the specific options structure we’re using to manage cross-asset risk into September. We also lay out a longer-term crypto-equity portfolio we’d start building at current levels.

Korea Stock Market ETF (LHS) vs. Anthropic share price (RHS)