Gold falls below $4,000, silver is halved, Bitcoin drops below $60k. The simultaneous decline of the three means that the most crowded "currency devaluation trade" logic of the past two years is being rejected by the market.

Hawkish signals from the Fed push up real interest rates, putting pressure on non-yielding assets collectively. Gold has fallen 28% from its high of $5,600, silver has dropped over 50%, and Bitcoin is approaching $58k. The linkage among the three should have reinforced the narrative, but actual trends indicate that capital is withdrawing from this track.

Bitcoin has been highly synchronized with precious metals in this round of decline, but it has still risen 30% against gold and 55% against silver from its February low. This suggests that Bitcoin's "digital gold" narrative has not completely failed, but its risk asset attribute has dominated in the current macroeconomic environment.

The danger is: if real interest rates continue to rise, the collapse of the currency devaluation trade may accelerate. Bitcoin's defensive attributes require a lower interest rate environment to support, but the market is currently moving in the opposite direction.

$btc #区块链 # crypto market #币圈 #web3