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Last week, I joined @MSX_CN's Space and chatted about a few key variables in the market lately: rate hikes, high oil prices, G2, AI, and BTC. There’s quite a bit of bearish news, but risk assets haven’t followed the simplest logic and just dropped straight down. For this BTC wave, aside from price, it’s really about whether the incoming funds can keep up. As for AI, it’s not just about GPUs anymore—it’s gradually shifting toward applications, security, identity, and payments, moving closer to commercialization. The market right now feels like it’s caught in between: macro pressures haven’t gone away, but AI and liquidity narratives are still holding things up.