Many people are simply pessimistic about the widespread adoption of tokenized U.S. stocks platforms, believing that traditional financial assets like precious metals and other TradFi assets are "sucking blood" from the crypto industry’s liquidity. However, there are two points that require rational consideration:

1) "Bloodsucking" is a result of the global liquidity consolidation. Driven by the main narrative of AI, the hot trend of U.S. stocks is not only draining crypto; other weak and unappealing markets will also be affected, including other emerging market stocks, traditional bonds, commodities, and more.
After all, funds, talent, and attention inevitably prioritize areas with stronger narratives, higher certainty, and better liquidity.
Especially with the rise of CEXs engaging in comprehensive infrastructure for U.S. stock tokenization, smoothing the channel gap between Crypto and TradFi, being "sucked blood" may become the norm in the future. Conversely, if the AI main bubble bursts, a flood of capital outflows will come swiftly and fiercely;
2) Crypto’s appeal as a cyclical "technological narrative" has just been shattered. Influenced by the AI main narrative and also by its own bloated asset scale and underwhelming PMF, these two factors combined have led to a phase of "narrative vacuum" and capital outflow in the crypto market.
But in the long-term view, Crypto’s structural positioning has always been clear and holds long-term advantages. For example, it is both the core battleground after the U.S. government promotes large-scale adoption of stablecoins and the frontier of active innovation, giving rise to black horses like RWAFI, A2A economy, Perps, GameFi, and others. (look at my eyes @HyperliquidX $HYPE )
Because these black horse projects inherently rely on foundational features like permissionless access, strong composability, and global liquidity reach—advantages that traditional finance and AI industry chains do not possess.
Therefore, once the macro liquidity environment improves, there will be two scenarios: one is the AI narrative bubble that could burst at any time, and the other is the crypto assets that are already lying dead and silent. At that point, it’s hard to predict how smart money will choose. (Don’t argue; it’s not just about understanding—consider the trillion-dollar AI pools, where even a slight spillover of funds can fatten an entire crypto industry.)