I just looked at recent market data, and it's quite interesting. Gold has been falling for nine consecutive days this week, approaching $4,360, setting the longest losing streak in recent years. But looking at Bitcoin, although it also faces downward pressure this week, currently quoted at 74.25K, it clearly shows more resilience compared to other assets. Ethereum has dropped to 2.32K, and Dogecoin is even worse, down 1.53%, with the entire market bleeding.

What is the reason behind this? The escalation of tensions in the Middle East has led to a sell-off in global risk assets. Logically, gold should be the preferred safe haven, but it’s actually falling. Some analysts point out that this isn’t due to market factors but structural reasons—some countries have been systematically buying gold, but as conflicts intensify and liquidity becomes a priority, this buying activity is starting to reverse. On the Bitcoin side, although it’s under short-term pressure, the derivatives market remains relatively stable. The perpetual contract funding rate on a major exchange has maintained negative for 46 consecutive days, indicating a strong market sentiment of bearishness.

Interestingly, such prolonged large-scale shorting has historically been a precursor to sharp rallies. In the current market environment, whether it’s traditional hard currency deposits or digital assets, there’s a reassessment of safe-haven logic. Oil prices have surged to $113, and Goldman Sachs has significantly upgraded its full-year oil price forecast, citing the largest supply shock in history. Amid this chaos, Bitcoin, while volatile, has held key support levels, which could mean that the potential for a rebound in the near future is worth watching.