The coin's underperformance will ultimately be resolved over time.
Since April 2025, the overall coin market, including Bitcoin, has maintained low profitability and volatility compared to the stock market.
This is due to the lack of a role for coins amidst the global focus on AI.
The coin market has proposed protocols for implementing AI agent payments with stablecoins, such as x402,
but these do not provide the GPUs or power needed for AI.
Therefore, many funds have withdrawn their funds since October 10, 2020, leaving only players, such as MSTR and Bitmine, who remain.
The biggest problem with the entire coin industry is that it does not generate value in external markets.
The most profitable business within the coin market is the "exchange" business.
However, exchanges are not exerting sustained buying pressure on coins based on their own profits.
The second player, stablecoin operators, are also investing their profits in non-coin assets, such as government bonds.
Furthermore, Most of their investments are focused on "new projects," which increases the ongoing supply pressure on the coin market.
In conclusion, if the current behavior continues,
it is unlikely that anything significant will change.
Over time,
1. the market's big baths (MSTR, Bitmine, etc.) will collapse,
2. the coin market's supply will ease,
3. The price will reach a level that attracts new buying power.
