#现货黄金再创新高

Gold is rising, has risk appetite really decreased?

Many people simply equate "gold rising" with "declining risk appetite," but this logic may have held true 10 years ago; however, it's somewhat outdated now.

The current market is not about "whether to take risks" but rather **"what kind of risks to take"**.
The rise in gold indicates an increased demand for "certainty" in the market, but this does not mean that funds are now averse to risk; instead, they are starting to dislike risks that involve "telling stories without delivering".

BTC is caught in a delicate position: it is neither a traditional safe-haven asset nor merely a speculative toy. Therefore, in the early stages of a strong gold market, BTC is often mistakenly sidelined - regarded as a "high-volatility risk asset" temporarily put aside.

But as long as you extend the time, you will find a pattern: 
Gold solves the problem of "not losing", 
BTC solves the problem of "not suffering in vain".

When the market completes the first stage of risk-averse allocation and starts looking for "assets that can outperform inflation in uncertain times," BTC will be recalled. Therefore, a stronger gold is a short-term pressure on BTC, a medium-term hedge, and a long-term ally.

A one-sentence summary: Gold teaches the market to be fearful, while BTC teaches the market to be greedy, but the two never conflict; they simply take turns teaching.