Wall Street's major investors are making intriguing observations. They suggest that the role of Bitcoin is about to change in this cycle.

Until now, Bitcoin was expected to function as a hedge against dollar depreciation, but in reality, gold has maintained its dominance. However, as Bitcoin matures, the situation could shift.

BlackRock's global bond head has explicitly stated a shift away from technology-focused investments. According to his assessment, U.S. growth will remain steady until 2026, but the easy phase of the AI boom is over. As capital flows out of giant tech stocks into industrial, electrification, and healthcare sectors, investors are being forced to select stocks more precisely.

How will this shift affect Bitcoin? While the momentum from simple trend trading may diminish, its value as a means of portfolio diversification could become more important. The investment case for Bitcoin is straightforward. It doesn't need to prove complex AI or software revenue models.

UBS's head of global wealth management shares the same view. He points out that trading in AI-related stocks is changing, with winners and losers becoming more clearly distinguished. As the market fragments further, the value of simple, highly liquid assets is relatively increasing.

The founder of hedge fund Third Point also makes an interesting point. The market has already rewarded deep stock selection and short selling. Moving away from mega-cap stocks, there is a shift toward niche companies.

In this environment, Bitcoin could see a reduced dependence on macroeconomic uncertainties and an accelerated shift toward being an asset for institutional investors. Currently, Bitcoin is trading around $71.65k, but it’s important to watch where investor interest is heading.

Meanwhile, World Liberty Financial's WLFI token faces a different challenge. The project borrowed stablecoins using its governance token as collateral, which put pressure on the Dolomite DeFi platform's USD1 pool. WLFI dropped 12%, reaching its lowest point since its 2025 launch.

This is a typical cycle risk. The decline in WLFI's price reduces borrowing capacity, leading to collateral being concentrated in lower-value tokens. Restrictions on withdrawals by existing depositors are also worsening. The project claims to generate yields for others as an "anchor borrower," but critics argue this deepens structural risks.

Ultimately, market shifts are unavoidable. The trend of investors becoming more selective and seeking simple, transparent assets will likely continue.