Many people are simply pessimistic about the popularity of tokenization platforms in the US stock market, and the "blood sucking" of TradFi assets such as traditional US stocks and precious metals on the liquidity of the cryptocurrency industry. However, there are two points that need to be considered rationally: 1) 'Vampire' is the convergence of global liquidity, driven by the AI mainline narrative of the US stock market frenzy. Not only Crypto, but also other weak and unattractive markets will be affected, including other emerging market stock markets, traditional bonds, commodities, etc. After all, funds, talents, and attention inevitably prioritize areas with stronger narratives, higher certainty, and better liquidity. In particular, CEX Daxing US stock token trading comprehensive infrastructure, after smoothing the channel gap between Crypto and TradFi, it may be normal to be "sucked" in the future. On the contrary, the AI main line big foam bursts, and the capital overflow flood will also come quickly and violently; 2) Crypto's cyclical "technological narrative" appeal has been shattered, influenced by the AI mainline narrative, as well as the backlash of its own bloated asset size and lower than expected PMF. The combination of these two factors has led to a temporary "narrative vacuum" and capital outflow in the Crypto market. But looking at the long-term cycle, the structural positioning of Crypto has always been clear and has long-term advantages. For example, it is not only the core battlefield after the US government promotes the large-scale adoption of stablecoins, but also an active innovation frontier, which will give birth to differentiated innovation dark horses such as RWAFI, A2A economy, Perps, GameFi, etc. （look at my eyes @HyperliquidX HYPE ） Because these dark horse projects naturally rely on underlying characteristics such as Pemissionless, strong composability, and global liquidity outreach, which are advantages that traditional finance and AI industry chains do not possess. Therefore, once the macro liquidity environment is improved, on the one hand, it is the AI main line narrative that the foam may break at any time, and on the other hand, it is the Crypto asset that has been lying on the ground dead silent. At that time, it is hard to say how smart money will choose. (Don't argue, it's not an understanding at all. The AI pool, which can easily reach trillions of dollars, can benefit the entire Crypto industry with just a little overflow of funds.)