#现货黄金创历史新高 As the global asset market experiences a broad rise, crypto assets have become an outlier. This Monday, both the U.S. stock market and gold hit historical highs, while the crypto assets market faced a comprehensive fall, with Bitcoin dropping over 2% and Ethereum plummeting 9%, leading to a liquidation amount of up to 1.7 billion dollars within 24 hours.

This obvious phenomenon of market differentiation essentially reflects the trend of reallocation of capital liquidity.
The strong performance of gold prices is mainly attributed to the expected interest rate cut policy implemented by the Federal Reserve. In a low-interest-rate environment, gold's appeal as a safe-haven asset significantly increases. Meanwhile, the US stock market shows an almost "faith-based" upward trend, with some analysts believing that Nvidia's investment in OpenAI is seen by the market as a positive signal of "self-circulation" in the technology sector.
The Bitcoin market is facing challenges from structural changes in liquidity. The latest data indicates that as much as 72% of the Bitcoin supply has been locked by long-term holders, remaining in a "non-liquid" state. Currently, market depth is weak, and historical data shows that when seller liquidity reaches 3000 BTC, it typically triggers a noticeable price correction.
What is even more alarming is that, despite the Federal Reserve having implemented interest rate cuts, the overnight reverse repurchase rate has instead risen, a phenomenon that suggests the actual money market is not as loose as expected. Federal Reserve Chairman Powell's cautious stance seems to have been temporarily overlooked by the stock and gold markets.
Additionally, persistent inflation resilience may slow down the future rate cut process. It is expected that next month's U.S. CPI data may return to the 3% level, indicating that inflationary pressures may resurface.
The current market situation is quite clear: the existing liquidity cannot support all assets rising simultaneously, and funds are flowing selectively. For the crypto assets market, this is undoubtedly a critical moment that truly tests its fundamentals and investment value.
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