AI's recent downturn is impacting software stocks, but Grayscale research suggests blockchains are crucial for powering intelligent agent transactions and mitigating emerging risks. This narrative shifts focus to crypto's foundational role in the evolving AI landscape.
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🧠 Institutional Insight

🐋 Whales
Rotating from legacy software into decentralized AI infrastructure and foundational crypto assets (ETH, SOL).
🎯 Impact
Negative for traditional SaaS/AI pure-plays. Positive for decentralized compute networks, L1/L2 blockchains, and infrastructure-focused crypto tokens.
⏳ Context
This highlights a significant capital reallocation trend and paradigm shift within the tech sector, driven by evolving technological dependencies in a high-rate environment.

⚖️ Market Scenarios

⚡ AI Market Deja Vu
Past Event: Dot-com bubble bust, where capital shifted from speculative 'web-fronts' to foundational internet infrastructure.
Reaction: Speculative tech companies collapsed, while 'picks and shovels' providers, facilitating underlying infrastructure, saw sustained growth or recovered faster.
🟢 Bulls Say
Blockchains offer immutable, secure, and verifiable rails for AI agent transactions, data integrity, and decentralized intelligence, essential for AI's next growth phase.
🔴 Bears Say
Blockchain scalability and regulatory challenges remain significant hurdles, potentially delaying adoption or confining AI to centralized, private systems; current crypto valuations might already discount this future.