#Strategy加仓比特币 Bitcoin's 30-day rolling net realized profit and loss has for the first time dipped below the zero line—this is the first time since the end of 2023.

In other words, over the past month, profit-taking in the market has been ongoing, while new buying interest has not kept up. Friends who bought at high levels are now selling off, coupled with rising global risk aversion sentiment. Under this double pressure, liquidity appears to be somewhat tight.

Interestingly, gold is thriving—after breaking through the $4,700 mark, it continued to rally, reaching a historical high of $4,887. Comparing the two, the Bitcoin-to-gold ratio has already fallen by over 50%, indicating a very clear sign of capital rotation.

The single-day net outflow of BTC ETFs is approaching $400 million, showing that market risk appetite is indeed cooling. However, based on historical experience, such extreme sentiment moments often mark the beginning of rebalancing. Once the risk aversion wave subsides, the return of capital could be a key turning point in 2026. $BTC $ETH $SOL