It seems that after the opening of the US stock market today, it has indeed entered the vampire coin circle again. No one can blame others for the fact that the currency circle itself is not awesome, sexy enough, and does not provide the fund with reasons to continue "dreaming". Open the annual chart and you'll see - from 100000 at the beginning of the year to the end of the year in 2025, it's still 100000, it's so horizontal that it can't go any further. On the other hand, Nvidia next door has quickly recovered from last week's stampede decline and has risen by 3.4% today. This is no longer a question of who is stronger or weaker, but a question of who has more "story, liquidity, and policy endorsement". Speak seriously. The reason why American AI stocks are so strong is actually the result of multiple factors combined. In addition to the commonly mentioned "national strategic task" of holding together for warmth and relying on AI themes to support US stock valuations, the conflicting emotions among investors in the US market are also one of the main reasons. On the one hand, they are really worried about the overvaluation of American stocks and the potential AI foam, knowing that this thing will collapse one day; On the other hand, they are afraid of stepping into the air and missing out on the once-in-a-decade technological wave. So now they have a 'mental allergy constitution': they can scatter birds and animals with just a little wind or grass movement, but they won't run far. As long as the wind is smooth, they will immediately come back and continue the game. This is the typical foam midfielder feature: intense shaking, repeated trampling, but not immediately broken. There is indeed a foam, but it is far from the end. The real awakening will come after OpenAI goes public. Those familiar with the financial market can definitely understand that, combined with OpenAi's actions of signing triangular contracts with giants to generate revenue last week, and even the opening of adult search on Chattpt, their desire for cash flow has reached its peak. Coincidentally, the CEO of Robinhood has announced plans to launch a new fund in the past few days, allowing retail investors to invest in privately-owned AI companies with skyrocketing valuations, such as OpenAi. Opening up investment to retail investors is actually a classic operational operation to support valuation and increase buying orders. They need retail investors' funds and FOMO sentiment to continue maintaining valuation until listing. When giants need retail investors to take over the top unicorns in the private market, it means that valuations have become so high that institutions no longer want to continue buying. So when the hype around AI concepts in the US stock market is in full swing, NVIDIA, a positive cycle asset with cash flow, national strategy, and orders, will continue to soar. However, BTC, with no new narrative, declining trading volume, sluggish ETF inflows, tightening macro liquidity, and AI clustering in the US stock market to squeeze risk appetite, can only be passively beaten. In the short term, it may be necessary to wait for the US government to complete the process of opening its doors, for TGA accounts to begin releasing funds, and for funds to overflow from the US stock market before the cryptocurrency market can regain vitality.