#比特币市场情绪与技术面 The upward logic of the precious metals sector warrants a re-examination. The rally in silver, palladium, and platinum is mainly driven by short covering, and such rebounds typically lack fundamental support, with limited sustainability. Once this squeeze rally peaks and pulls back, the withdrawal of funds often happens faster than the inflow.

The key signal is: the rotation of funds between precious metals and cryptocurrencies like Bitcoin and Ethereum has become a common portfolio rebalancing strategy. When the relative attractiveness of risk assets increases, traditional safe-haven assets face greater liquidity pressure. On-chain data shows that during each correction in precious metals, the inflow of stablecoins into exchanges significantly rises, indicating that funds are preparing to enter.

The current technical outlook still depends on whether Bitcoin can hold its key support levels and the trend confirmation of Ethereum amid continuous net inflows into spot ETFs. In the short term, watch for any clear signs of correction in precious metals, as this will directly influence the allocation direction for the next round of risk assets.