Gold has risen over 50% this year, but Bitcoin has shown little improvement, and many newbies are starting to doubt: is the crypto world finished? Not at all. I've been in this circle for several years now, and this is truly an era of discerning vision; opportunities have not disappeared at all.

**The Underlying Logic of the Crazy Rise of Gold**

Why is gold so strong? Simply put, it's because central banks around the world are buying it up. After the Russia-Ukraine conflict, many countries began to worry about their dollar assets being frozen, so they started stockpiling gold to hedge against risks. The data is clear—central bank gold purchases have skyrocketed from over 400 tons in the past to nearly 1000 tons, firmly establishing it as the main driver of gold investment demand.

But Bitcoin does not enjoy this treatment at all. The central bank hasn't officially stepped in yet, so the rise in gold is being manipulated by the "national team" and has nothing to do with retail investors. Conversely, what does this indicate? The trust in sovereign credit within the traditional financial system is declining, while the logic of Bitcoin as "digital gold" is actually on the same path as gold in the long run.

**Why Bitcoin is Stuck in a Stalemate**

Some people wonder: "Institutions have been buying through ETFs, so why hasn't the price moved?"

In fact, the answer is straightforward - the buying pressure from institutions has been hedged away. Since the advent of the ETF in 2024, institutions have accumulated a total of 1.39 million Bitcoins, which sounds impressive. However, at the same time, a bunch of old players and miners are also selling off at high prices. This tug-of-war has resulted in the price essentially stagnating, like two forces restraining each other. This is somewhat similar to the trend of gold from 2022 to 2024 - the upward trend is often accompanied by fluctuations and adjustments.