I think the global market right now isn't trading assets, but liquidity. The adjustment in the US stock market's AI sector doesn’t mean the end of the industry trend. Instead, it signals a re-pricing phase for high valuations. The market is starting to demand proof from companies: that AI capital expenditures can consistently translate into profits, rather than continuing to pay for a 'long-term story.' Meanwhile, Bitcoin is still waiting for new liquidity signals. As long as the Dollar Index pulls back, rate cut expectations heat up, and spot ETFs see sustained net inflows, $BTC is likely to attract fresh capital first. Gold, on the other hand, continues to benefit from safe-haven demand and changes in real interest rates. AI trades on profit realization, BTC trades on liquidity, and gold trades on risk appetite. What truly determines the next market cycle isn’t which asset rises the fastest, but who secures global capital reallocation first.