The Bitcoin market has experienced a noteworthy turning point. The 30-day rolling net realized profit and loss has fallen below zero for the first time, marking the first consecutive 30 days of net loss since the end of 2023. In simple terms, this signals the end of the era dominated by profit-taking sellers.

Where is the current selling pressure coming from? Two main factors are the concentrated escape of high-position traders and the rising macro risk-averse sentiment. Meanwhile, gold and silver prices have soared—gold has broken through $4,700 and even touched a historical high of $4,887. Under these circumstances, the Bitcoin-to-gold ratio has fallen back by over 50%, indicating a clear rotation of funds between crypto assets and traditional safe-haven assets.

The performance of BTC ETFs is even more evident: nearly $400 million in net outflows in a single day, with risk mode dominating the market rhythm. However, based on historical experience, such significant outflows often signal the start of a market sentiment rebalancing phase. Once this sentiment stabilizes, the return of funds could become a key moment for the market turnaround in 2026. The current volatility is not the end, but rather a preparation for the next stage.