This week, there are indeed many variables in the global financial markets. Central Banks are starting to diverge in their actions, with the Bank of Japan unusually raising interest rates to 0.75%—a new high in 30 years, sending a clear signal of tightening. The Fed, on the other hand, appears more cautious, with officials repeatedly emphasizing that there is no urgency for a rate cut in the short term, leading the market to speculate that they will continue to hold steady. The European Central Bank has maintained interest rates for several months, and the overall situation is one of watchful waiting.

The direct consequence of this asynchronous policy is the strengthening of the US dollar, with a considerable appreciation of the dollar against the yen. The direction of global capital flows has also changed.

What's more interesting is the performance of safe-haven assets. Gold has broken through $4,400 per ounce, setting a new historic high, with an increase of nearly 70% this year. Silver is also not to be outdone, with COMEX silver futures rising 3.34% in a single day, once again breaking historical records. The logic behind this wave of increase is clear: first, the market is betting that the Fed will cut interest rates in 2026; second, there is uncertainty in the global economy; third, geopolitical risks are always looming overhead; and fourth, central banks around the world are still continuing to buy gold.

These factors combined have led to a noticeable decline in investors' risk appetite and a rise in risk aversion. For crypto assets, such shifts in the macro environment often indicate the formation of new price discovery mechanisms. The market is at a critical turning point, with the differentiation of Central Bank policies and the soaring prices of safe-haven assets typically signaling that new pricing logic will emerge in the digital currency market. The energy market is also experiencing similar adjustments...