Entering this week, Bitcoin's downward trend continues. On Wednesday, December 24(, the market continued to weaken, macro environmental risks increased, and combined with weakening market risk appetite, large global funds are clearly shifting towards traditional safe-haven assets. The biggest movements are in gold and silver, which continue to attract capital and see continuous inflows for defensive positions; in contrast, Bitcoin shows a clear lack of buying momentum, and on-chain data also indicates low investor interest, naturally putting downward pressure on its price compared to precious metals.

As of now, Bitcoin is quoted at around $87,107. Looking back over the past three months, the price fluctuations are not encouraging — a cumulative decline of nearly 22%. Market analysis suggests that as long as funds are rotating from risk assets into safe-haven assets like gold and silver, Bitcoin is likely to maintain this range-bound oscillation in the short term, with no significant breakthroughs.

From the candlestick chart perspective, last month on the 21st, Bitcoin briefly dropped above $80,000, then rebounded by about 10%, but afterward, it entered a consolidation phase. Over the past month, it has basically been trading sideways within a range, without forming a clear direction.

The signals from the capital flow are even more straightforward — according to fund flow data from CoinShares, virtual asset investment products experienced a net outflow of $952 million this week, which clearly dampens market sentiment. Compared to previous performance, where there were four consecutive weeks of net inflows, indicating bottom-fishing behavior, this week marked the first net outflow in five weeks.

Gold's new high is "digging a hole" for Bitcoin. The spot gold price has already broken through the $4,500 per ounce mark, setting a new all-time high. The comparison between the two is even more painful: since October, over nearly two months, gold has gained close to 70%, while Bitcoin has actually fallen about 6%. This "funds diversion effect" is indeed fermenting.