In the midst of turmoil in the global financial markets, investors are reassessing their portfolios. Gold prices have reached an all-time high, while Bitcoin continues to fall, and Cardano (ADA) is hovering at low levels, waiting for a breakout opportunity. What market trends are reflected behind this series of phenomena?

Currently, the gold market is performing brilliantly, with a year-to-date increase of 44%, reaching a peak of $3,791, making it a favored safe-haven asset for investors. In stark contrast, Bitcoin has only risen 21% this year and recently even fell to $112,000. This disparity mainly stems from the uncertainty of U.S. economic policy, prompting investors to reassess risk and reward.

The behavior of institutional investors is particularly noteworthy. Data shows that on September 22, $363 million flowed out of Bitcoin ETFs in a single day, with a total outflow of up to $466 million for the entire week. Meanwhile, gold has become the new favorite for institutional funds. Farzam Ehsani, CEO of VALR, pointed out that in the current market environment, investors are more inclined to choose physical safe-haven assets like gold rather than bear the high volatility risk of Bitcoin.

However, retail investors seem to be cautiously increasing their holdings of Bitcoin. Data shows that the exchange's Bitcoin reserves have only decreased by 348 coins (about $39.5 million), which is far from enough to offset the pressure brought by large-scale institutional sell-offs. This means that without stronger buying support, the price of Bitcoin may continue to face downward pressure.

In this complex market environment, investors need to assess the risks and potential of various assets more cautiously. The strong performance of gold and the adjustments in the cryptocurrency market reflect the changes in risk appetite among global investors as uncertainty increases. The future direction of the market will depend on the evolution of economic policies, the attitudes of institutional investors, and the ongoing participation of retail investors.