The fundamental difference in this bear market is that external capital and narratives are being fully siphoned by AI. In the past, bear markets saw a broad decline in global risk assets, while today the AI industry chain (from upstream resources to downstream applications) is enjoying a flourishing period of policy, capital, and industrial resonance. By contrast, in Crypto, most tracks lack new stories beyond stablecoins, putting exchange profitability under pressure; meanwhile, stablecoin growth is more focused on payments, settlement, and other compliant financial infrastructure, decoupled from the speculative logic of the crypto circle. Essentially, AI is a productivity revolution, while Crypto still remains led by financial speculation—and the two are no longer on the same scale.#Gate广场五月交易分享