Youwei Yang, chief economist at BIT Mining, said that the shift of speculative hot money to artificial intelligence-related stocks is bad for the cryptocurrency market, and now the US stock market regards every artificial intelligence news as positive, and given the resulting FOMO, "cryptocurrencies have lost their charm". "There is only a certain amount of hot money in the market, and right now that hot money is being invested in artificial intelligence, until cryptocurrencies can break through some convincing narrative or make constructive progress, cryptocurrencies will just trade sideways, waiting for a major market shock," says Mr. Yang.