#比特币与黄金战争 Why does Bitcoin have to wait for gold to weaken before it can rise? The answer to this question might be more straightforward than you think.

Some consider this a niche opinion — according to the chief analyst at Glassnode, investors who oppose this view actually lack a deep understanding of the essence of these two asset classes. The analyst bluntly stated: many people in the crypto space simply don't understand the logic between these assets.

Macro economist Lyn Alden recently said something similar on a YouTube podcast. She pointed out that there is a common misconception in the market — the belief that Bitcoin and gold's performance are a zero-sum game — when one rises, the other must fall. But Alden doesn't buy into that. What is her observation? Just look at the $BTC to gold ratio. Recently, it has shown strong performance, but the real story behind this is: Bitcoin has been relatively stable over the past year, while gold has experienced a historic surge during the same period.

Looking at it from another angle, each asset has its own driving logic, and they can each perform differently in various cycles. The cyclical nature of the crypto market and the macro factors driving traditional commodities are inherently out of sync. Forcing a direct comparison is the true misconception.