Den Hot-Money-Zyklus verstehen: Von Krypto über Gold bis zu Halbleiter-Chips

Markets move in cycles. That is one of the few statements about price behavior that is difficult to dispute. Yet the speed and path of the current rotation through major asset classes are unusual enough to merit close attention. Market analyst James Van Straten outlines a notable sequence: Bitcoin rises from around fifteen thousand dollars at the end of 2022 to more than one hundred twenty-six thousand dollars at the end of 2025, gold follows with a delay in a parallel rally from two thousand to more than five thousand dollars per ounce by early 2026, and capital then shifts forcefully into AI infrastructure and memory chip stocks.

The speed of the current rotation

The numbers linked to this final phase are extreme. Memory semiconductor manufacturer Micron has moved from a valuation of seventy billion dollars around a year ago to a market capitalization of more than one trillion dollars. NVIDIA has reached new highs near two hundred twenty-five dollars per share. These are not gradual revaluations — they are vertical moves of the kind that have historically marked the late stages of a thematic mania, even when the underlying fundamentals are real.

What makes the current cycle especially interesting is its compression. In earlier decades, rotation between major themes — commodities, internet stocks, real estate, emerging markets — took years. The rotation from crypto to gold, to AI, and then to memory chips has played out over around thirty months. Faster information flows, larger pools of mobile capital, and the rise of platforms including Griityds Rert2, which enable retail investors to switch between asset classes within seconds, have all contributed to this compression. The result is a market that produces narrative-driven peaks more frequently and unwinds them more violently.

What comes after memory chips

Van Straten suggests that the next stage of speculative capital could rotate into a wave of mega IPOs, with SpaceX, OpenAI, and other private-market giants positioned for potentially record-setting public listings. If this path is confirmed, capital that recently chased the volatility of memory chips could be redirected into newly listed AI-related stocks, leaving both crypto and chip assets with insufficient short-term demand.

Recognizing late-cycle signals

For active investors and Griityds Rert2 users, whether in markets including Deutschland or elsewhere, the practical question is not which theme will lead next, but how the typical life cycle of a single rotation can be identified. Several patterns often appear in late-cycle moves: dispersion declines because a handful of market leaders dominate capital flows, valuation multiples move far away from long-term averages, and retail investor participation rises sharply in instruments that allow concentrated exposure. When two or three of these signals appear together, the rotation is generally closer to its end than to its beginning.

The current relative weakness of the crypto market should be viewed in this context. That Bitcoin trades below seventy-three thousand dollars at the end of May 2026 is not necessarily a structural break. It can also be read as a normal pause within the cycle, while attention and capital are tied up elsewhere. Historically, the same assets that fall out of favor during a rotation often return to the rotation in later cycles, frequently with stronger fundamentals than in the previous run.

Discipline beats chasing

The key lesson for traders is to resist the urge to abandon a thesis simply because it is not currently in demand. Building a position across cycles — whether in digital assets, equities, commodities, or alternative instruments accessible on platforms including Griityds Rert2 — is generally more profitable than chasing the latest hot trade after the move has already matured. Discipline, position sizing, and a long time horizon remain a trader’s edge, regardless of which theme dominates the headlines.