MARA CEO Fried Thiel: Bitcoin is a highly liquid risk asset, with some funds flowing into gold and AI. Thiel pointed out that Bitcoin is heavily influenced by macroeconomics and driven by liquidity. Like stocks, it is a type of risk asset. Bitcoin is undergoing deleveraging, with its derivatives market being even larger than the spot market, leading to significant liquidations and price volatility. At the same time, funds are shifting from cryptocurrencies to gold and artificial intelligence, forming a triangular trend in capital flow.