Venice & Near Rally Points to Privacy, Not a Broad AI Rotation

Privacy is the only crypto sector trading above its level at Bitcoin’s October peak, according to Glassnode data cited by the analyst — up more than 200%.

That backdrop matters for Venice Token’s near-doubling on September 8 and Near’s subsequent rally: the video argues that both moves were driven less by a revival in AI tokens than by growing demand for private AI tools.

In the market breakdown, Fire Hustle cautions against treating the two rallies as evidence that the wider crypto AI sector is about to rebound. The central claim is that Venice’s VVV token and Near were lifted by a specific privacy narrative, alongside project-level catalysts, rather than a coordinated sector rotation.

Private AI narrative lifts VVV and Near

Venice, a private AI platform whose native token is VVV, gained after controversy surrounding AI-assisted work on the Navier-Stokes equations — one of mathematics’ Millennium Prize Problems.

A mathematician and an Anthropic employee reportedly used AI tools including OpenAI Codex in their work, while OpenAI later disclosed its own unverified result generated by roughly 10,000 AI agents.

The dispute over whether user prompts could have influenced OpenAI’s system amplified concerns about AI data privacy. Venice’s product proposition is anonymous AI access, and it added OpenAI’s GPT Image 2.5 model for anonymous use on the same day it conducted its largest token burn, according to the video.

Fire Hustle also pointed to Venice’s reported $100 million annualized revenue run rate, announced in August, and reductions in new VVV issuance beginning September 1. VVV subsequently reached a record high, the video said.

Near joined the move after its team announced that users could privately swap into VVV through near.com and stake it for Venice Pro access. The integration uses Near’s AI cloud and encryption stack. Near rose about 15% on the announcement day and more than 50% over the month, according to the analyst.

Most AI tokens failed to follow the leaders

A genuine sector rotation would normally pull up a much broader group of assets. Instead, Fire Hustle notes that Bittensor’s TAO rose more than 20%, while FET gained about 10%, Virtual climbed just over 5%, and Render rose less than 5% before retreating.

TAO also had its own catalyst: new Solana trading through Raydium and stronger futures activity. Meanwhile, more than 90% of the top 200 crypto assets gained over the previous 30 days, Glassnode found, suggesting a broad market recovery rather than an AI-specific rush.

The crypto AI category remains below $20 billion in value, down sharply from roughly $70 billion in December 2024. By contrast, privacy coins have expanded from around $7 billion a year ago to about $34 billion, led largely by Zcash.

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