Bitcoin is at a critical moment of financial identification reshaping.

Recent observations show that the traditional correlation between Bitcoin and U.S. Treasury yields has明显减弱, and the past safe-haven model appears to be失效. Historically, high yields often lead to capital flowing into U.S. Treasuries, putting pressure on Bitcoin. However, currently, Bitcoin's performance shows a trend contrary to tradition, demonstrating a more independent market performance.

This phenomenon is not an isolated incident, but rather signifies a structural transformation: Bitcoin is gradually shifting from a mere "speculative tool" to a "strategic asset". Institutional investors hold stable shares, ETF products continue to attract inflows, and the direction of monetary policy remains unclear... These factors make this market cycle fundamentally different from historical ones.

It is worth noting that a true transformation in the financial landscape typically first manifests as a weakening of correlations, followed by a revaluation phase. The current performance of Bitcoin may just be another confirmation of this rule.