My current understanding of the crypto industry: Foolish money has already been wiped out, and smart money has better places to go. With gold (sovereign currency crisis narrative), silver, copper, aluminum, and tech stocks (big AI computing power narrative) so strong, and no new narrative forming in crypto, there is no reason for funds to flow into the crypto space. Even the recent so-called cryptocurrency Agent To Agent dedicated currency, which is still part of the overall AI narrative, has limited ceiling. For the crypto market to bottom out and rebound, first the US stock indices, gold, and silver must all decline, preventing smart money from forming a collective force. As they scatter in search of new themes, some will inevitably re-allocate to crypto, restoring the wealth effect and bringing foolish money back. Therefore, when gold, silver, and US stock indices continue to decline into a bear market, it marks the starting point for crypto to bottom out and rebound.