Recently, a phenomenon worth noting has emerged: gold, silver, and the US stock market are疯狂刷新历史高位, while Bitcoin has fallen from its high of $125,000 to around $87,000. It seems quite counterintuitive—traditional assets are celebrating, while digital assets are retreating.

This is not merely a technical correction. The deeper logic is that large capital is accelerating its flow into traditional markets. When macro risks emerge, the first reaction of those leading institutional investors is not to buy the dip in "future technology," but to retreat into their most familiar fortresses—precious metals, blue-chip stocks, and other old-school assets.

This raises a question: the pattern we've been used to over the past few years—"Bitcoin leading the crypto market"—is beginning to loosen. Once the correlation between Bitcoin and the US stock market is broken, the entire crypto market cycle may need to be redefined. This is a wake-up call.

To put it more plainly: we've been assuming that Bitcoin would become "digital gold," but what if traditional institutions refuse to buy in? Then the crypto ecosystem needs to find a growth logic that doesn't rely on "whether Bitcoin can re-link with the US stock market."

This brings to mind a new direction—the real yield track. It doesn't depend on storytelling or external macro factors, but on actual cash flow on the chain and sustainable value creation to support assets. This is a more independent, self-consistent growth approach.

Market divergence, in fact, exposes the deep needs of the crypto ecosystem. While everyone debates whether Bitcoin is a risk asset or a safe haven, some projects are quietly pondering: how to enable crypto capital to achieve true self-sustenance on-chain, generating value without relying on external narratives? This mindset may be the most viable logic for thriving amid market segmentation.