#比特币与黄金战争 The current chill in the crypto market is fundamentally the result of a triple squeeze involving macro environmental factors, market structure, and investor sentiment.

Let's look at the broader environment first. Risk aversion is spreading, and smart money is fleeing—high-volatility assets like Bitcoin continue to bleed, while gold and US Treasuries are attracting continuous inflows. The relative valuation of $BTC compared to precious metals has already fallen below the yearly moving average, indicating that the market is redefining the standard for safe-haven assets.

The on-exchange situation is even more sobering. Institutions are "voting" through ongoing redemptions of spot ETFs, and retail enthusiasm has clearly cooled off—search interest has plummeted to a freezing point, and holding data is even more alarming. Over 30% of Bitcoin is in unrealized loss, a situation that directly crushes the confidence of newcomers who haven't even started to make moves.

The most painful part is that the classic stories in the crypto circle are temporarily failing. When traditional stock markets are steadily making gains and precious metals are soaring wildly, the narratives of "digital gold" and "inflation hedging tools" seem somewhat pale. The market needs new things to ignite enthusiasm, not just waiting around in frustration.

What’s next? It’s very likely that divergence will intensify. Mainstream coins like $ETH, $BNB, and others each have their own ways to survive, but for the entire crypto market to truly turn the tide, it still depends on a genuine rebound in global risk appetite or the emergence of strong driving forces capable of supporting a new narrative. In the short term, deeper adjustments and thorough bottoming out are probably unavoidable.