Spencer Hallarn, Head of Markets at GSR, stated in a recent interview that the crypto market is currently sluggish. Part of the reason lies in large‑scale capital flows from investors into the AI sector. Equity financing for AI‑infrastructure projects issued by big‑tech firms has further tightened overall market liquidity. Under current market conditions, client demand for long‑term budget planning, OTC hedging structures and Real‑World‑Assets (RWA) has risen significantly. On the tokenization trend, Hallarn pointed out that many closed‑end tokenization platforms with heavy KYC requirements lack meaningful trading activity. The real opportunity of tokenization is not simply wrapping assets into tokens, but overhauling the underlying settlement pipelines of traditional banking. He believes that if AI‑related investment cools down and the Federal Reserve begins cutting interest rates, market liquidity is likely to flow back and support higher Bitcoin prices.