New highs in US stocks, gold, and AI stocks—yet the crypto space is still lying low. It’s pretty clear where the money’s going: U.S. institutions are selling BTC to buy AI and semiconductors. What’s even more heartbreaking is that people are leaving too: crypto developers have dropped from 45,000 to 23,000, with over half of the newcomers exiting the industry. The founder of Bankless has sold all their ETH. BTC spot trading volume is down 81%. The question now isn’t ‘when will it rebound,’ but whether crypto is still considered a legitimate risk asset in the eyes of mainstream capital.