2月11日消息，加密做市商Wintermute在最新市场评论中指出，人工智能投資熱潮已持續數月吸走全球可用資金，正在削弱比特幣及整個加密貨幣市場的增長動能。該機構認為，如果人工智能相關交易持續佔據資本高地，數字資產可能難以在中期跑贏其他風險資產。
Wintermute表示，當前市場正經歷明顯的板塊輪動，資金大規模流向人工智能股票，壓縮了流入加密領域的流動性空間。過去一年，受芯片、雲計算和自動化需求推動，多家人工智能龍頭企業股價漲幅超過200%，吸引了大量機構配置。與之形成對比的是，比特幣和主流加密資產雖然仍高於前一輪周期低點，但漲幅明顯落後於人工智能板塊。
作為每日處理數十億美元數字資產交易的流動性提供商，Wintermute通過資金流和倉位變化觀察到，越來越多投資者將資本從加密市場轉向人工智能領域。這種趨勢不僅影響短期價格表現，也改變了市場的風險偏好結構。
從歷史經驗看，當某一賽道持續跑贏並形成共識後，估值往往被迅速抬高，隨後可能出現調整。Wintermute認為，一旦人工智能板塊出現降溫跡象，部分資金或將重新流向包括比特幣在內的高波動性資產，為加密市場帶來新的動力。
不過，也有分析指出，如果人工智能股票出現劇烈回調，可能引發更廣泛的市場波動，短期內對所有風險資產形成壓力。因此，加密貨幣的走勢並非孤立，而是深受宏觀環境、資金結構和投資者情緒影響。
在人工智能主導資本配置的階段尚未結束之前，Wintermute提醒投資者持續關注流動性變化與行業輪動信號，因為這些因素可能決定下一輪加密行情的節奏。
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