Da Bing fell out of the top 13 global assets. It's not a bear market, it's a more troublesome thing. This week, there was news that many people slipped past: BTC's March uptrend against gold has officially broken. It's not a daily retracement, it's a trend level turn. At the same time, gold stayed at a historical high, and AI Semiconductor was called foam every day, but it was at a new high every day. Money is moving. It's not a fork from the big cake to the big cake, it's a complete removal from the concept of 'digital gold'. Today is even more heart wrenching. Someone sold a large pie ETF of Blackstone worth $1.29 billion through a dark pool. It's not retail investors panicking and trampling, it's institutions quietly adjusting their positions. Blackstone's ETF has been the biggest narrative support for bulls since last year, but now this narrative is showing cracks. The pancake is stuck in an awkward position. It is neither a safe haven narrative for gold nor a growth narrative for AI. It is a middle-aged digital asset that everyone knows, but no one is sure what it should be now. DeFi is not peaceful either. The CEO of OpenZeppelin said today that AI has been able to crush humans in finding vulnerabilities, with DeFi being hacked over a billion times in the past year. The decentralized narrative is being swallowed up in reverse by another technological narrative. The question is not whether the pancake will return to zero. It won't. The question is, when both AI and gold are rising, what is the big cake in your hand for? This story needs to be told again.