Recently, geopolitical tensions have sharply escalated. Trump publicly stated his intention to gain control of Greenland and subsequently threatened to impose tariffs on certain European countries. These series of remarks have directly intensified international conflicts, prompting the EU to respond with a strong stance, and the global political risk index has noticeably risen.

Risk appetite has plummeted sharply, and markets are beginning to shift massively towards safe-haven modes. All of this is clearly reflected in the movement of cryptocurrencies.

Bitcoin is at the forefront—its price has plummeted from near $95,000, with a lowest point exceeding $88,000, a total decline of over 7%, and it even briefly broke below the key support level of $90,000. Ethereum has also not been spared, retracing approximately 4-5%. A wave of liquidations followed, with leveraged traders frequently stopping losses, and the entire market capitalization evaporated by hundreds of billions of dollars in a short period.

Interestingly, traditional safe-haven assets have shown a completely different trend. Spot gold prices have risen against the trend, continuously hitting new all-time highs, even breaking through the seemingly steep $4,800 per ounce mark. Large amounts of capital have rapidly flowed from high-risk crypto markets into precious metals.

This phenomenon reveals a real issue: during times of rising global political and economic uncertainty, although cryptocurrencies have many supporters, their status as a safe-haven asset still lags far behind traditional assets like gold. Investors, in true panic, still habitually turn to those safe assets that have been proven over thousands of years. This is a thought-provoking topic for the long-term positioning of the crypto market.