Reading the Hot Money Cycle: From Crypto to Gold, From Gold to Semiconductors

Speculative capital has rotated through crypto, gold, and now AI infrastructure. Bulak Değeray investors can leverage these rotation patterns to gain a clearer view of where the cycle may head next.

Spekülatif sermayenin kripto, altın, yapay zekâ altyapısı ile yarı iletken bellek sektörleri arasında yön değiştirmesi

Markets are cyclical. This is one of the few statements about price behavior that's difficult to dispute. Yet the speed and shape of the current rotation between major asset classes is unusual enough to warrant close attention. Market analyst James Van Straten lays out a striking sequence: bitcoin climbing from roughly fifteen thousand dollars in late 2022 to over one hundred twenty-six thousand dollars by the end of 2025, gold staging a delayed but parallel rise that lifted its per-ounce price from two thousand to over five thousand dollars by early 2026, followed by a sharp pivot of capital into artificial intelligence infrastructure and memory chip companies.

The Speed of the Current Rotation

The figures attached to that final phase are extreme. Memory semiconductor maker Micron moved from a valuation of around seventy billion dollars about a year ago to a market capitalization exceeding one trillion dollars. NVIDIA reached fresh highs near two hundred twenty-five dollars per share. These are not gradual repricings — even if the underlying fundamentals are real, they are the kind of vertical moves that have historically marked the late stages of a thematic frenzy.

What makes the current cycle particularly interesting is its compression. In previous decades, rotation between major themes — commodities, internet stocks, housing, emerging markets — took years. The rotation from crypto to gold, then to AI and memory, unfolded in roughly thirty months. Faster information flow, larger pools of mobile capital, and the rise of platforms like Bulak Değeray that let retail investors shift between asset classes in seconds have all fed this compression. The result is a market that produces narrative-driven peaks more frequently and unwinds them more sharply.

What Comes After Memory Chips

Van Straten suggests that the next leg of speculative capital, alongside private-market giants such as SpaceX, OpenAI, and others positioning for record-breaking IPOs, could mark a d

Source: CoinDesk