On December 11, the DePIN sector led the decline in the crypto market by over 4%, AI tokens fell by 2%, Filecoin plunged by 7.5% to $1.38, Render dropped by 5.5% to $1.58, and Zcash fell sharply by 10% to $414. This differentiated decline exposes a harsh truth: those DePIN/AI projects that were touted as the 'next generation infrastructure' during the bull market are actually the most vulnerable speculative assets, as their valuations are entirely based on expectations of future application scenarios rather than current revenue. On-chain data shows that although Filecoin's storage capacity reached 1110 PiB in Q3, its network utilization was only 36%, and the average daily fees were merely $8600, which is severely mismatched with its $1.5 billion market cap. Although Render provides GPU computing power, its Q1 revenue plummeted by 80% from $746,000 to $122,000, indicating extremely weak demand. Even more troubling is that these two 'star projects', after years of development and billions of dollars in investment, still cannot demonstrate a sustainable product-market fit. Structural issues such as Filecoin's inadequate cost competitiveness against AWS/Google Cloud and Render's slow GPU utilization and commercialization progress have never been resolved. When BTC falls below $91,000 and ETH dips below $3,200, the first assets to see capital withdrawal are these narrative-driven assets. Technically, the chaotic state of BTC with a 4-hour RSI of 56 and a daily RSI of 49 indicates that the market is searching for direction. The collective collapse of the DePIN/AI sector signifies that the entire crypto market is undergoing a transition from narrative-driven to fundamentals-driven dynamics. Projects with only stories and no performance will be systematically abandoned in the coming months, so this sector decline is not a short-term fluctuation but the beginning of a long-term trend. It tells everyone that the next phase of the crypto market belongs to projects with real revenue, real users, and real products.