This wave of precious metals行情真的很有趣。

Gold has increased by 20% this year and has now surpassed $2,500, reaching a new high. Silver's performance is even more impressive—rising by 64%. And Bitcoin? It’s still hovering around $90,000, down about 30% from the previous high of $126,000 a few months ago.

Some are starting to wonder: what signals does this send?

**The data is right here**

Top-tier institutional analysts have recently pointed out that this surge in precious metals is not an isolated event. Multiple economies, including Russia, the Middle East, and Asia, are accelerating their dollar sell-offs and shifting towards accumulating gold. Even the former Federal Reserve Chair has publicly stated that the dollar hegemony cycle is in decline. This reflects a deeper change in global capital flows.

Coupled with policy uncertainties, the Federal Reserve faces pressure from various sides, and discussions about monetary policy direction are quite open. Under these expectations, investors will naturally reallocate assets.

**So why is Bitcoin lagging behind?**

A careful thought reveals the answer. Gold has a 5,000-year history of value storage, and silver is supported by industrial demand. When they rise, market acceptance is naturally high. But Bitcoin? Many still view it through the lens of “speculating on coins.”

What’s truly interesting is the movement of institutions. Over the past few months, a large amount of capital has built significant positions in precious metals. The question now is: when will this capital turn to Bitcoin?

**The market’s logical chain**

The first step has already happened—the rise and fall of precious metals reflect macro asset rotation. The second step could be a re-pricing of relatively undervalued assets. From this perspective, $90,000 for Bitcoin isn’t cheap, but relative to the macro background, it’s not expensive either.

Gold still has an 8-15% upside potential, and silver could rise by 20-35%. The question is: how much room is there for Bitcoin to catch up? History shows that once this kind of catch-up rally starts, it often surprises people.

**What’s next?**

Don’t just focus on the crypto space. Global capital is flowing, precious metals are moving, commodities are shifting, and exchange rates are changing—these are all signals. Some may consider moderate allocations in precious metal ETFs. But the key is to watch when Bitcoin will start to follow suit.

From an institutional positioning perspective, Bitcoin below $90,000 is definitely worth paying attention to. This isn’t a call to buy or sell, but an observation based on market structure and capital flows.