SpaceX AI Spending Shock Triggers Flight to Bitcoin and Ether

Woofun AI reports that Bitcoin (BTC) and Ether (ETH) have emerged as safe havens, outperforming the broader market as capital rotates away from smaller assets. This divergence is highlighted by Zaheer Ebtikar, chief strategy officer at crypto neobank Plasma, who notes that altcoins are struggling "without aggressive support from bitcoin momentum."

Quantitative metrics underscore this widening gap: Bitcoin gained 0.9% to reach $64,700, while the CoinDesk 20 (CD20) index rose merely 0.16%. Over the past month, altcoin open interest contracted by 15%, contrasting sharply with Bitcoin’s 8% gain. CoinMarketCap’s Altcoin Season index dropped one point from Wednesday to 42/100, signaling persistent weakness in the broader altcoin sector.

Woofun AI data shows that structurally, Bitcoin’s integration into capital markets plumbing via ETFs, basis trading, institutional hedging, and collateral provides stability that most altcoins lack. This resilience persisted despite macro headwinds; the Nasdaq 100 fell while the S&P 500 and Dow Jones Industrial Average rose. The tech sector weakness followed Elon Musk’s SpaceX (SPCX) reporting its first results since going public in June, where a massive surge in AI-linked capital spending punished investors, driving shares down 13% before the closing bell.

The AI trade has been widely blamed for capital rotating out of the crypto sector, leaving projects that fail to define how value accrues vulnerable during market declines. As institutional flows stabilize around major tokens, the reversal of this AI-driven sentiment could help renew enthusiasm for risk assets. This marks a critical juncture for altcoin valuation narratives.