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After experiencing the rapid drop on "October 11" and facing the consecutive blow of the U.S. government shutdown in November, the crypto market has become somewhat jittery. What’s more concerning is the serious divergence in outlook between traders and institutions. Galaxy Digital has just cut its year-end target price from $185,000 to $120,000, while JPMorgan insists that Bitcoin could reach $170,000 in the next 6-12 months.
Initially, no one expected that the real bottleneck for AI is not capital or large models, but electricity. Long-term full-load training and 24/7 AI inference have led to a problem: there is not enough electricity, and chips are forced to sit idle. The U.S. power grid infrastructure has lagged behind in the past decade, with new large loads taking 2-4 years to connect to the grid, making "readily available electricity" a scarce resource across the industry. Generative AI has brought a raw and harsh reality to the forefront: what is lacking is not the model, but electricity.
On-chain Data
On-chain capital flow situation for the week of November 14

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