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CZ attributes the 2026 bear market to three reasons: AI capital outflow, geopolitics, and cycles.
Most people analyzing this downturn only say two words: interest rate cuts.
But CZ points out a third variable—AI is sucking speculative capital away from crypto.
It's not a conspiracy theory, it's the arithmetic of capital flows:
2020-2024, crypto was the only {high-growth + zero-barrier speculative outlet.
2025-2026, Nvidia, AI infrastructure funds, AI concept stocks provide another outlet—better liquidity, clearer regulation.
Hedge funds have a limited risk budget. It's not that crypto has turned bad, it's that another track offers a better Sharpe.
When AI narratives double every three months, it's hard to keep an LP holding BTC spot with 60% annualized volatility.
This explains why BTC didn't rally even after rate cut expectations were priced in—new liquidity went to AI first.
It's not that crypto has become bad, it's that the competition has become stronger.