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)
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