When a market turns into an incremental market, it definitely has to siphon liquidity from other markets. When precious metals surge, the US stock market actually consolidates for a long time, with the index even showing signs of a downward trend. After the US-Iran conflict, liquidity in precious metals significantly drained, transitioning from an incremental market to a stagnant one, while the US stock market became the incremental market, with various stocks skyrocketing on the AI hype. The crypto space is in a rough spot; last year, liquidity flowed into precious metals, and this year it's heading towards US stocks, continuously shrinking in volume.