When DeepSeek and Xiaomi cut the costs of cutting-edge AI to 1% of GPT-5.5, American labs are actually increasing their investments in reverse. This is not just a simple price war, but a structural crack in capital flow—AI's marginal cost approaching zero means more capital will flow into application layers rather than crypto speculation.


The crypto market is being drained of liquidity by the scale effects of AI. The US stock AI sector is attracting funds, Bitcoin ETFs are continuously outflowing, and on-chain turnover rates have dropped to freezing point. It’s not that the market has no money, but that the money has found a more efficient narrative.
Caution: The decline in AI costs may not be good for crypto. If AI agents and on-chain tools cannot create genuine demand, funds will only accelerate their exit. This divergence may last longer than anyone expects.
$btc #defi #etf #链上数据 #ai
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