Thinking about why the crypto space feels so cold lately: 1. AI adoption > crypto. AI has more tangible use cases (chatting, content generation, office tools, etc.), and it genuinely boosts productivity. 2. Companies in AI generate real revenue, while in crypto, tokens are tokens, projects are projects. Even if the product is great, the tokens don’t get bought back. 3. With AI, you can dream about the future—technological progress, improved computing power, Mars colonization, and so on. But in crypto, it always comes back to: can this token go up? Why does hype drive growth? It seems to boil down to two things: 1. Liquidity effects—dominating 60-70%+ of Perps market share, essentially monopolizing the market. 2. Real buybacks (almost 100% buybacks). The biggest tragedy of the crypto space: When productivity isn’t enough, the stories written over the years have already been told. Once the stories are over, the skills don’t keep up, and people just drift away.