Analysis: Deglobalization and AI are reshaping the macroeconomic environment, leading to a sell-off of crypto assets as high-beta growth assets.

PANews reported on February 24th that, according to a Wintertermute market update, the current macroeconomic environment is undergoing a dual-driven process of deglobalization and structural reshaping by artificial intelligence, leading to a slow and difficult-to-trade adjustment phase in the market. Bitcoin is consolidating in the $64,000 to $67,000 range, failing to hold above $70,000 multiple times, reflecting a lack of market confidence. Ethereum has fallen below the psychological level of $1,900, with the next key support level at $1,600. The report points out that the Federal Reserve is no longer the sole force dominating the market. The continued structural impact of tariffs, the real-time disruption of industries by AI, and the coexistence of slowing growth and sticky inflation are weakening the effectiveness of monetary policy tools. The market is simultaneously pricing in two major structural themes: AI valuation reassessment—software moats are being re-evaluated, growth multiples are being compressed, and the intensity of hardware capital expenditure is being questioned; deglobalization—supply chain fragmentation continues, investment costs are rising, and geopolitical settlement risks are becoming a permanent feature of asset allocation. These two factors are jointly impacting the valuation premium of globally integrated, software-leveraged growth companies.

Funds are flowing from growth stocks to value sectors, with gold, commodities, industrials, and defense outperforming technology. The crypto derivatives market shows a lack of directional demand, with funding rates at multi-month lows, put option premiums continuing to rise, and open interest declining steadily since October. Institutional demand has not returned after Bitcoin prices stabilized, with trading desks dominated by sell orders. A brief signal mid-week of selective buying of altcoins by high-net-worth clients quickly faded, and the market remains defensive, not ready to reward early position building. The report argues that the current narrative is converging into a macroeconomic shift, with crypto assets being sold off as the highest-beta growth assets. The sustainability of this shift will be the most critical issue for the crypto market in 2026.