According to CoinMeta, Arthur Hayes stated in an interview with Bonnie Blockchain that despite the increase in money supply, the price of Bitcoin has not been able to break through $64,000, mainly due to the flow of capital towards investments related to artificial intelligence. He pointed out that investors are shifting marginal capital towards AI technology companies and related supply chains, resulting in a reduction in market liquidity available for cryptocurrencies. Hayes also mentioned that individuals benefiting from the AI sector tend to invest in hard assets or NASDAQ-related investments rather than increasing their holdings of crypto assets. In addition, ARK Invest researcher Lorenzo Valente also stated that the crypto industry is entering a deeper phase of integration, with capital allocation increasingly concentrated on a few projects, and companies lacking a strong product-market fit may exit the market.