#贵金属黄金与白银刷新历史高位 Bitcoin's 30-day rolling net realized profit and loss first fell below zero — this is the first time since the end of 2023 that a continuous 30-day period of net loss has occurred. Market signals are very clear: the era of pushing up prices through profit-taking sales has temporarily come to an end.

Where does the current selling pressure come from? Mainly from the release of high-position chips, combined with rising macro-level risk aversion sentiment. Comparing it with gold's performance makes it clear — gold has already broken through $4,700, reaching a historic high of $4,887. And the result? The ratio of Bitcoin to gold has actually fallen by over 50%, indicating a very obvious rotation.

There is also significant pressure at the ETF level. Yesterday, BTC ETF experienced nearly $400 million in net outflows in a single day, with risk mode taking the lead. However, in such situations, it often signals a phase of market sentiment rebalancing — in plain terms, it might be brewing the next wave of opportunities. Let's wait and see if 2026 will become a turning point for reflows. $BTC $ETH $SOL