The so-called “SaaSpocalypse” has erased roughly $300 billion in global software market value after advanced AI agents began automating enterprise workflows, rattling high-growth sectors including crypto.
The sell-off accelerated after Anthropic launched its Claude Cowork platform, with shares of Salesforce, Workday, Atlassian and ServiceNow falling sharply as investors questioned whether AI agents could replace large parts of their software stack.
The core fear is that AI systems can now execute entire workflows autonomously, undermining the per-user or “seat”-based pricing models that underpin much of the SaaS industry.
The S&P 500 Software and Services Index fell nearly 19% in early February, marking one of its worst losing streaks in years as analysts described a structural shift from software-as-a-service to “AI-as-a-service.”
The fallout matters for crypto because both sectors are viewed as high-growth, risk-sensitive assets, and in early February Bitcoin fell sharply alongside software stocks as investors reduced exposure.
More significantly, venture capital is rotating toward AI, with more than $200 billion reportedly flowing into AI startups in 2025, far exceeding crypto funding and potentially constraining resources for new blockchain projects.
While niches such as decentralised computing and AI infrastructure could benefit, the broader message of the SaaSpocalypse is clear: AI has become the dominant capital theme, and crypto markets must now compete for investor attention in a rapidly shifting macro landscape.
At the time of reporting, Bitcoin price was $67,223.68.