--- title: Another year, another “Bitcoin is dead” headline description: Meanwhile, bitcoin and software equities are moving like twins. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Another year, another “Bitcoin is dead” headline Meanwhile, bitcoin and software equities are moving like twins. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 02/09/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/Syz-Feature_WeekIn7Charts_260209.pdf) - - - - #### Chart #1 — ## The "Bitcoin is dead" narrative just jumped the shark Every cycle, the same headlines come back: Bitcoin is dead, it is a scam, it is a bubble, it is heading to zero. But “zero” is not an analytical conclusion; it reflects a failure to engage with the structural changes underway.  While public discourse remains anchored in familiar scepticism, the underlying landscape has evolved. US digital-asset legislation is advancing toward a potentially landmark framework, traditional financial institutions are preparing for large-scale asset tokenisation, and positioning once again appears crowded and short near the 200-week SMA. The transition from a purely speculative asset to an institutional financial instrument is gradual and inherently volatile. Historically, when the bear case relies on repetition rather than fundamentals, it often signals that part of the transition has already occurred. Back to the 200-week SMA. Rinse and repeat. The “Bitcoin is dead” narrative has been repeated more than 1,000 times over the past decade, see, for example, this headline from The Washington Post nearly ten years ago. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-09-2026-09-20-19-9187-AM.png?width=531&height=570&name=image-png-Feb-09-2026-09-20-19-9187-AM.png) Source: The Washington Post --- #### Chart #2 — ## Bitcoin and software equities look like twins As shown in the chart below, the iSharesExpanded Tech-Software Sector ETF (IGV) and Bitcoin have exhibited a strikingly similar price trajectory over the past cycle, despite being driven by different fundamentals. Software equities remain primarily influenced by earnings expectations, valuation sensitivity to rates, and shifts in investor views on AI adoption, productivity gains, and long-term growth potential. Bitcoin is driven by liquidity conditions, positioning, macro risk sentiment and long-term adoption narratives. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-09-2026-09-33-13-2334-AM.png?width=1004&height=605&name=image-png-Feb-09-2026-09-33-13-2334-AM.png) Source: Bloomberg --- #### Chart #3 — ## Hardware vs. software   Over the past year, there has been a strikingcontrast between tech hardware and software stocks. Companies in hardware andsemiconductors have seen the strongest performance, with average gainsexceeding 50%. In contrast, software stocks have lagged significantly, postingaverage declines of more than 20%. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-09-2026-09-33-52-5465-AM.png?width=699&height=787&name=image-png-Feb-09-2026-09-33-52-5465-AM.png) Source: Bespoke  --- #### Chart #4 — ## The SaaSpocalypse Anthropic’s latest AI automation product has sparked significant concern across global technology markets, with analysts describing the reaction as a potential “SaaSpocalypse.” The company has introduced 11 new plug-ins for its Claude Cowork agent, a no-code, agent-based AI assistant built specifically for enterprise use. This solution is designed to streamline and automate a wide range of activities in areas such as legal services, sales, marketing, and data analytics. It is capable of handling routine and operational tasks including document analysis, regulatory compliance monitoring, risk identification, and large-scale data processing. By directly addressing service-oriented professional workflows, the tool could meaningfully reshape demand in several industries. Consulting firms may face fewer client engagements and reduced billable hours. IT service providers could experience slower workforce growth or even staff reductions as AI increasingly replaces clerical and repetitive functions.  ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-09-2026-09-35-30-9920-AM.png?width=816&height=521&name=image-png-Feb-09-2026-09-35-30-9920-AM.png) Source: Bloomberg --- #### Chart #5 — ## Big Tech is betting big on AI Major tech companies are pouring huge sums into#AI, each striving to win the so-called “AI war.” Combined capital expenditures(capex) for the Big 7 are expected to reach $655 billion in 2026. To put this into perspective, Germany’s specialinfrastructure fund totals €500 billion… over 12 years. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-09-2026-09-36-42-7135-AM.png?width=670&height=838&name=image-png-Feb-09-2026-09-36-42-7135-AM.png) Source: The AI Investor --- #### Chart #6 — ## The end of the buyback era? For decades, share buybacks were the main driver of shareholder returns, consistently exceeding capex as a share of operating cash flow. That relationship has reversed since the middle of last year. Put simply, the balance has changed. In the past, buybacks outweighed capex, helping to fuel valuation multiple expansion. Today, capex has taken the lead, largely because of the intensifying “AI arms race.” As AI investment accelerates across the software sector, equity performance increasingly reflects the balance between long-term growth potential and near-term execution risk. Elevated capex levels are likely to weigh on valuation multiples and contribute to continued pressure on free cash flow margins.  ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-09-2026-09-37-30-4799-AM.png?width=1004&height=693&name=image-png-Feb-09-2026-09-37-30-4799-AM.png) Source: Nomura / TME highlights --- #### Chart #7 — ## A profitable short position on silver A Chinese billionaire trader has accumulated the biggest net short exposure in silver on the Shanghai Futures Exchange, controlling roughly 30,000 contracts, equivalent to about 450 tons of the metal. Following the sharp decline in silver prices, this position has generated approximately $300 million in unrealised gains. Even after accounting for losses on earlier trades, some of which had to be closed out the trader is still expected to earn a net profit of around 1 billion yuan, or roughly $144 million. This follows an earlier period of exceptional success, during which he reportedly earned close to $3 billion from long positions in gold on the same exchange starting in early 2022. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-09-2026-09-38-32-1430-AM.png?width=793&height=547&name=image-png-Feb-09-2026-09-38-32-1430-AM.png) Source: Global Markets Investor, Bloomberg  --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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