The liquidity in the cryptocurrency market will eventually be drained by the US stock market. The AI market is fierce, and funds are constantly pouring into the US stock market. The trading volume of BTC ETFs accounts for 25% of the spot market, and with a few more ETFs, the on chain and cryptocurrency circles may only have the functions of clearing and moving positions left. The trading volume of CEX in the first half of the year decreased by 40% compared to the second half of last year, while the on chain TVL remained unchanged with no movement. The Alt project is even more flat, generally not even touching the median price of the previous cycle.