Recently, gold and silver have been soaring to new highs, while Bitcoin remains below $90,000. Some say Bitcoin has failed, but I see it differently — this is not a failure at all, just that market confidence hasn't caught up yet.

Let's see what the current funds are doing. Why are gold and silver so hot? Because these two are used for hedging. Central banks are buying, traditional capital is buying, and stable institutional funds are also purchasing. They are essentially saying: I want to protect my assets.

And what about Bitcoin? In the current environment, it is still regarded as a risk asset. Only when market confidence recovers will people start using it as a hedging tool. The key now is — although there is no shortage of money in the market and investors have funds, they are still hesitant.

Hesitant about what? It all boils down to a few questions cycling through: Will inflation rise again? Will interest rates continue to go up? Do international tensions need to stay tense? Under such circumstances, funds will prioritize flowing into gold and silver, while Bitcoin remains in a waiting state.

Looking at past market performance, Bitcoin has never stepped up during the most intense panic. Its rhythm is: it only starts to perform once the panic sentiment peaks. This explains why the current trend seems dull and uncertain, but that doesn’t mean it’s the end.

To put it simply, this is a test of patience.