AI Surge Drives Capital Flow into U.S. Stocks, Impacting Crypto Markets

According to Odaily, Du Jun recently commented on the X platform about the aggressive movement in AI markets, noting a continuous influx of capital into U.S. stocks. He highlighted that the trading volume of Bitcoin ETFs now accounts for 25% of spot transactions. With the introduction of more ETFs, the blockchain and cryptocurrency sectors may be reduced to mere functions of liquidation and asset transfer. Du Jun also pointed out that the trading volume on centralized exchanges (CEX) in the first half of the year has decreased by 40% compared to the latter half of last year. Meanwhile, the total value locked (TVL) on-chain remains stagnant, showing no significant activity. Furthermore, he remarked that stablecoins currently serve primarily as tools for arbitrage and payment, rather than as engines for liquidity growth. He warned that as the issuance of stablecoins increases, the pressure on liquidity extraction intensifies.