As the precious metals market is staging a wild wealth feast, silver's single-month surge of 54% is enough to make any investor's heart race! Against the backdrop of gold hitting a record high, global safe-haven funds are pouring into traditional physical assets like a tidal wave, and the air is thick with tense yet frantic emotions. However, Bitcoin, once hailed as "digital gold," now seems like a solitary guest deep in thought in the corner of the party, showing a calm performance in the face of Federal Reserve policies and failing to keep pace with this metal frenzy.

The subtle shifts in capital flow reveal the market's dilemma. Yesterday, the US spot ETF experienced nearly $20 million in net outflows, indirectly confirming that some short-term funds are taking profits and exiting or shifting to a wait-and-see stance. Nevertheless, the pace of institutional accumulation has not slowed, with Bitcoin's market share in the crypto space even steadily rising to nearly 60%. This "hot activity inside the market, calm outside" situation reflects investors' lingering hesitation about whether digital assets can follow up after the surge in commodities.

The signals from position data are quite complex. Although longs outnumber shorts in terms of traders, the funding rate remains in a moderate range, indicating that the market hasn't shown the kind of overheated sentiment that makes one's scalp crawl. Debates within the community are intensifying—some expect funds to flow back into Bitcoin after gold's rally, while others worry that Bitcoin's cost-performance ratio is declining. In the current environment where dominance remains solid, this restrained optimism resembles a holding breath before the storm.

From a technical perspective, prices are caught in a tug-of-war, with a key psychological barrier above acting like a heavy mountain, suppressing short-term rebounds. Until clear trend reversal signals appear, most seasoned traders prefer to tighten their positions and adopt swing trading strategies. The current approach focuses on observing the real reactions near resistance levels; if a strong breakout isn't achieved, blindly chasing highs or shorting without clear divergence signals could trap traders in the market. #金价突破5500美元 $XAUT $BTC ‌ ‌