AI U.S. stocks, powered by a productivity revolution on the scale of a landmark in human technological history, have the strongest performance support, and have become a safe haven for global capital in the era of limited incremental capital. Now the market consensus is straightforward and realistic: “you don’t scatter the hawk’s paw until you’ve seen the rabbit.” Before macro liquidity fully turns (for example, a major rate cut or the restart of QE), it’s hard for the crypto market to see an across-the-board bull market; it will most likely remain mostly localized, structural opportunities and extreme MEME speculation.