#密码资产动态追踪 Can gold and Bitcoin really be equated? Not quite. There is an iron law of capital flow hidden behind this.

Looking back at the previous bull market, it’s clear: gold led the rise, then entered a plateau, while Bitcoin surged by 400% within this time window. It may seem like a coincidence, but it’s actually an inevitable choice driven by capital pursuit.

The typical path of capital migration is as follows:

**Stage One: Seeking Certainty**
When liquidity begins to be released, institutions and large investors first rush into traditional safe-haven assets—gold being the representative. Why? Because it has historical consensus, liquidity, and is relatively safe and stable.

**Stage Two: Liquidity Overflow and Searching for an Exit**
Once gold prices stabilize and the upside is limited, accumulated funds start to become restless. At this point, attention shifts to assets with greater elasticity and stronger narratives. Crypto assets, due to their volatility and imagination potential, naturally become the new target for this wave of capital.

**Stage Three: Ultimate Release of Incremental Funds**
Frankly, this is not some mysterious phenomenon, but the inevitable flow of funds after monetary over-issuance. When there’s too much money, it must find a place to go—either piling into certain assets or rushing into the highest-risk, highest-return potential areas.

The historical pattern is clear: gold is usually the first stop for liquidity entering the market, while Bitcoin often becomes the final destination of this large capital migration. When the next narrative for gold starts again, are you ready with your strategy?

$BTC $ETH

Discussion in the comments: What asset do you think will benefit next from capital rotation?