Interesting phenomenon: recently, spot gold has hit a new two-week high, and spot silver has been soaring for three months, remaining firmly at high levels. But looking back at BTC, it has already retraced $30,000 from its all-time high.

Traditional precious metals are going crazy, while mainstream crypto assets are pulling back—this kind of dislocation is rare. The continued strength of gold and silver indicates that the market is seeking safe-haven assets, while the adjustment in BTC may reflect the crypto market digesting short-term profits. Behind the performance of different assets, it reflects investors' reassessment of risk appetite.