The prevailing view now is that AI keeps rising. There are many arguments to support this, especially from value investors in the US stock market, who write daily reports with AI to convince themselves that everything is undervalued. But: Is the financial market really undervalued or overvalued, and does it just keep rising? There’s nothing new under the sun. The suffering in the crypto world will not be spared by AI. Both are about dreaming; our dreams in the crypto world were once grand, but in the end, we must return to the essence: how much money can you make? How will this money empower the tokens? In the crypto world, there is only one HYPE still rising, but this rise is unhealthy; it’s institutions reallocating. If we calculate from a rational perspective, the current price does not reflect anything sexier than BTC. This major drop in the crypto world, and the possibility of it really falling to unimaginable prices like 40,000 or 30,000, makes me reflect on how caught up we all were during the bull market when Bitcoin was at 120,000. At that time, many were bullish, and even someone like me, who was hesitant to be bullish, secretly hoped to blindly follow the crowd.