A mainstream on-chain market analyst has argued that the sell-off in AI-linked crypto tokens has little to do with artificial intelligence itself — and everything to do with who is allowed to buy exposure.

In a recent YouTube video, Fire Hustle dissects why marquee “AI coins” like TAO, Chainlink, NEAR, ICP and Render are sinking even as traditional AI giants post record-breaking earnings.

SEC’s Quiet Rule Change Could Unleash 100+ New Crypto ETFs

Fire Hustle centers the story on a regulatory shift that “barely made headlines.” In September 2025, the U.S. Securities and Exchange Commission approved generic listing standards for crypto exchange-traded products.

In practical terms, crypto ETFs that meet predefined criteria no longer need to slog through a 240-day, one-by-one approval process; the window can shrink to roughly 75 days.

Bitwise analysts believe this could open the door to more than 100 new crypto ETFs in the U.S. That matters for AI-linked tokens because it gives pension funds, wealth managers and other institutions a way in without touching wallets or exchanges directly.

The host’s core claim: the 2024 AI coin rally “never ran because the technology got better” — it ran because retail finally had a vehicle to gamble on the AI narrative. Now, with ETFs, the access point is shifting toward traditional finance.

Five “AI Coins” Five Very Different Setups

The YouTube video separates the current crop of AI-associated tokens rather than treating them as one trade. Bittensor (TAO) is presented as a standout: a marketplace where AI models compete and get paid, with around 70% of its supply reportedly staked.

Grayscale and Bitwise have both filed for spot TAO ETFs, with an SEC decision expected by August. Yet TAO is down nearly 30% after a group called Covenant AI exited part of the network, triggering what Fire Hustle describes as a FUD-driven flush.

She also flags a risk: the network mints roughly $328 million in new supply annually, while current revenue is “a fraction” of that.

Chainlink is framed not as an AI token per se but as core infrastructure that pipes real-world data between blockchains and AI systems. It shows strong developer activity and is already in the SEC’s ETF pipeline, yet has dropped about 23%.

Render, which sells GPU compute capacity — “the literal thing the entire AI world is starving for” — is the one coin on the list that has held up relatively well during the recent downturn, a sign of persistent demand.

NEAR and ICP are grouped together as higher-story, lower-substance bets: both pitch futures where AI agents execute on-chain transactions, but much of that remains aspirational.

Unlike Bittensor (TAO) & Chainlink (LINK), they lack visible ETF momentum, leaving them more exposed when sentiment turns.

Why It Matters For Crypto Investors

Fire Hustle’s broader thesis is that the current AI-coin slump reflects retail capitulation inside the crypto bubble, while a new class of ETF-enabled buyers has yet to arrive.

If ETF approvals for TAO, Chainlink and others materialize on the shorter SEC timetable, the “who can buy” question could overshadow traditional crypto cycle narratives.

She cautions that timelines can slip — the SEC has delayed before, and macro or geopolitical shocks could swamp any single theme.

Still, for investors tracking AI crypto, the key signal may be filings and listing standards, not just code updates or buzz around agents and models.

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