I used to think that RMB appreciation was purely a macroeconomic phenomenon and had little to do with the crypto market. It wasn't until I recently observed the linkage logic between gold and silver that I realized I was oversimplifying — this wave of RMB appreciation may be gradually undermining the foundation of the gold market, and the story of Bitcoin as "digital gold" might also need to be reexamined.

After monitoring the RMB appreciation curve for a while, I realized there is a detail that is easily overlooked: China, as the world's largest gold buyer, is reducing gold purchases to ease foreign exchange pressure. This "largest buyer quietly exiting" contrasted with the "silver surge" creates a very strange paradox. Looking at the recent 5% single-day increase in silver, it’s less about value return and more about the market making a final short squeeze.

What’s even more painful is that gold and Bitcoin have always been packaged together as "hedging assets." I used to think this correlation was just a market sentiment game, but now I understand that if the gold bubble really bursts, the entire narrative framework built around Bitcoin as a "hedging asset" will become very hard to justify. When gold experiences a significant correction, Bitcoin is unlikely to remain unaffected — this systemic risk between assets is much more severe than simple technical or policy shocks.

What’s your opinion? Will RMB appreciation accelerate and break this logical chain in the near future?