In simple terms, it all depends on where the money flows based on market trends. Over the past two years, Bitcoin's identity has been quietly changing—from its initial label as "digital gold"—to a high-volatility, high-risk asset class. Many friends who entered the market recently have asked me why the US stock market keeps hitting new highs, while Bitcoin seems to be falling behind, especially after the crash in October, which started to shake market confidence.

The underlying reason isn't complicated; it boils down to one sentence: money always flows to the highest-yielding places.

Why has the US stock market been so strong this year? One word—AI. The explosive growth of artificial intelligence has directly boosted productivity growth curves. The tech giants have invested astronomical sums—just data center investments alone amount to hundreds of billions of dollars. What's the essence of these investments? Competing for global electricity resources.

This is interesting. Over the past decade, what has Bitcoin relied on? Converting energy on a large scale into digitally scarce assets—that logic is unbeatable. But now, the situation has reversed—each kilowatt-hour used to train AI models generates economic value that has completely surpassed the returns from mining. Capital is highly perceptive; seeing the steep growth curve of AI, it naturally shifts funds from digital assets like Bitcoin to productivity assets like AI.

The most direct evidence is the transformation of mining farms. I know many mining farms have already switched industries, moving from mining to building AI computing power services. This is essentially market signals speaking. When even the most direct participants change their tune, can you still expect capital to flow back?