Recently, gold has hit new highs again, and there is a phenomenon worth pondering: institutions are heavily allocating to physical gold ETFs. This is not just simple asset rotation, but a deeper signal being conveyed.

The fact that traditional safe-haven assets are so popular precisely indicates that systemic risks are brewing. Looking at the actions of institutions tells us—they are using gold to hedge against uncertainty. This risk expectation could eventually spill over into the entire risk asset market, and the crypto market is naturally no exception.

But here’s an interesting contrast: institutions are疯狂囤金 (frenziedly hoarding gold), so why aren’t they increasing their holdings of Bitcoin at the same time? Some say it’s a matter of perspective, but the deeper issue is one of confidence. The surge in gold reflects concerns about the US dollar system, but this worry has not yet fully translated into enthusiasm for crypto assets.

From an asset allocation perspective, simply chasing gold’s rise is not enough. The real mechanism is to combine gold and Bitcoin— the former provides stability for traditional safe-haven purposes, while the latter offers growth potential for risk assets. The fact that gold is reaching new highs is less a risk signal and more a reminder for us to reassess the entire investment portfolio. Investors still chasing risky cryptocurrencies may indeed need to upgrade their thinking.