Market Thoughts on AI Tokens: 1. Alts have no narrative north star yet. Outside of BTC price, speculators are looking for reasons why alts should pump (there is none, yet) 2. MCP ain't it. MCP = tech that allows AI agents to interact with each other. AI tokens desperately want MCP to be the new northstar narrative. Every AI Token is putting MCP in its bio now, like every AI Token put "agent" in their bios back in Nov. Crypto AI Agents themselves need to be interesting enough (again) for people to think MCP is important. They're not. 3. We're not fully risk-on Sidelined capital apeing into large-cap AI coins for familiarity and not for innovation ($GAME, $TAO $VIRTUALS, $AI16z, $ANON) 4. This AI Altcoin Pump is BTC-driven, not BTC-agnostic. There's nothing fundamentally exciting about AI tokens yet. No new AI alts. Just people yeeting into familiar tokens. I'm sat on a few AI Large caps now - less because of their fundamentals, and more because of their mcaps and charts. 5. $REI was one of the few AI tokens that frontran the entire move It's valued fundamentally differently (and better) than the rest of the AI tokens are. I sidelined $REI, but wish I hadn't. 6. Crypto AI hasn't had its Studio Ghibli moment yet. The "oh shit, I didn't know chat GPT could actually do this". But it can. The first AI coin that does something genuinely new will moon, provided BTC stays above $90-91k.