#以太坊行情解读 is in green, but this kind of rise is a bit strange—no one dares to be openly bearish, yet no one is truly excited either. It feels more like a "silent pump."

Recently, the market has fallen into a period of information vacuum. Stocks, precious metals, and commodities are all rising, but there isn't any positive news to speak of. You will notice that the discussions have decreased, and the sentiment has instead calmed down; the rise seems to be gliding in inertia in a vacuum—everyone is moving, yet no one dares to say why they are moving.

What's more interesting is the contradictory signals between assets. Gold, silver, and copper have all reached historic highs at the same time. This may seem prosperous, but it actually reflects the market's frantic hedging against three completely opposing futures: Gold is buying insurance against "bad things possibly happening," silver is speculating on when the "liquidity party" will start, and copper is betting on "the economy can really recover." This is not a firm directional choice; to put it bluntly, it's a defensive move to hedge against multiple possibilities.

What is even more noteworthy is that Bitcoin has not really followed the trend this time. As an asset that is most sensitive to changes in policies and regulations, its performance seems to be giving an early warning. Now, let's take a look at the VIX volatility index - on the surface, it appears calm in the short term, but the long-term expectations are quite tense. This indicates that the current calm is actually bought with future uncertainties.

The market may continue to be strong in the short term, but the issue is that the driving force is fading. When the rise no longer needs a reason and instead actively seeks one, it is usually a signal that the wind is about to change. The current market state is not the end; it may just be the "end of this round of rise narrative." $BTC $ETH