Diego Martin of Yellow Capital says that the strongest crypto demand now comes from AI systems interacting with Web3, not retail traders chasing narratives.
Martin explained in an interview with Yellow.com that this demand pattern looks different from previous market cycles. Instead of being driven by new token launches, he said it's showing up on the buying side of the market itself.
According to Martin, his view is based on order book activity rather than price charts alone. He noted how most past crypto narratives followed a similar pattern: new tokens launch, liquidity rotates from one trend to the next, and retail traders get pulled into short-term speculation.
Martin pointed out that this AI-Web3 category is developing differently because the end user may no longer be human. Machines could become the buyers of computing power, data, subscriptions, access rights, settlement services, and other machine-to-machine functions.
He added that if this pattern holds, it could reshape market structure, creating recurring usage instead of one-time speculative buying.