Today, the precious metals market is quite active - gold and silver have both hit new highs. What does this reflect? Macroeconomic funds are taking action to express their stance. The market has entered a period of high uncertainty, and hot money instinctively flows towards those hard assets that have been historically validated as safe havens.

Interestingly, precious metals are speaking through their price increases, while Bitcoin remains silent. This phenomenon seems contradictory, but it is not. The rise in precious metals indicates that funds are seeking a safe haven, while the quietness of Bitcoin suggests that investors are on the sidelines, waiting for direction.

To put it bluntly, it is not the Bitcoin asset itself that is marginalized, but rather its position in the current hierarchy of funds. The reality is harsh—Bitcoin often can only pick up the scraps left by precious metals. When precious metals have absorbed all the liquidity, and when the U.S. stock market has digested its funding needs, only then might the overflow of fragmented funds flow into the crypto market. The current liquidity predicament of Bitcoin is the most direct reflection of this difference in funding priorities.