Recent market trends do seem quite interesting upon closer inspection.

On one side, gold and silver are frequently hitting new highs, riding the wave of inflation expectations and geopolitical risks, showing a vigorous upward trend. On the other side, US stocks are rebounding driven by ample liquidity and anticipated trading, and the enthusiasm for risk assets remains strong. Logically, in an environment where "safe-haven assets and risk assets are rising together," highly liquid assets like Bitcoin should not fall behind.

But reality has proven otherwise—BTC's current rally is noticeably lagging.

The price has been oscillating between $92,000 and $93,000, neither accelerating through a breakout nor dropping sharply, as if waiting quietly for some signal. In the short term, this appears somewhat weak, but looking at a longer timeframe, this "pause" might actually be brewing something.

**A strong mover doesn't mean Bitcoin is falling behind**

From a broader perspective, the core theme of the current market is clear: concerns over the long-term stability of fiat currencies are re-pricing all "non-credit assets."

Gold and silver lead the charge, which is not surprising. Their confidence stems from high historical recognition and low participation barriers; when uncertainty rises, these are the first to be allocated. US stocks are rising mainly because liquidity hasn't become truly tight yet, coupled with the market already pricing in the "bad news has been digested" expectation.

And what about Bitcoin? It’s caught between the two. As both a risk asset and a hedge against credit risk, this dual identity means it won't rush like gold nor fully follow the trend of US stocks. This "delayed" response is precisely its way of waiting for more definitive signals.