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

In other words, over the past month, market profit-taking 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 these dual pressures, liquidity appears to be somewhat tight.

Interestingly, the gold market is thriving—after breaking through the $4700 level, it continued to rally, reaching a historical high of $4887. In comparison, the Bitcoin-to-gold ratio has fallen back by over 50%, indicating very clear signs of capital rotation.

The single-day net outflow of BTC ETFs is approaching the 400 million level, suggesting 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 time for capital to flow back might be a key turning point in 2026.$BTC $ETH $SOL