#比特币与黄金战争 USD depreciation, gold soaring, why is Bitcoin still in the doldrums?

This end of the year is really interesting. A strange scene has emerged in the global financial markets: the US dollar continues to weaken, the RMB exchange rate strongly breaks through 7.0, hitting a two-and-a-half-year high; meanwhile, gold and silver are setting new historical records one after another, with annual gains of up to 71% and 160%. Logically, this macro environment should be very favorable for risk assets. But surprisingly, Bitcoin, often seen as "digital gold" by many, is moving back and forth within the $85,000-$90,000 range, not only failing to rally along with the trend but also experiencing an annual decline of about 13%. This divergence is too obvious.

**Where is the problem? Three perspectives**

First, liquidity is tightening. As the year-end holidays approach, trading activity drops sharply, and liquidity becomes scarce. More importantly, the institutional funds that previously boosted Bitcoin are now quietly withdrawing. The US spot Bitcoin ETF has experienced net outflows of over $800 million for several consecutive days, which is a concerning signal.

Second, uncertainty is high. Unexpected events like the sudden interest rate hike by the Bank of Japan have made global capital a bit nervous. In such times, who still has the appetite for highly volatile assets? Funds naturally move toward safer places.

The third and most painful reason—current market preferences for "certainty" clearly outweigh the pursuit of "potential." Gold's safe-haven attribute over hundreds of years is evident, silver is supported by real industrial demand, and stocks of listed companies are backed by financial reports and profits. But what about Bitcoin? Its core narrative remains focused on future possibilities. Under complex macro conditions, most capital chooses tangible assets they can touch in the present.

**What will happen next? The market is noisy**

Some believe this is just a "delayed bull market." Once liquidity recovers in early 2026 and the macro landscape becomes clearer, Bitcoin will naturally make up for this decline. But some big players see further ahead, like the famous investor Robert Kiyosaki, who pointed out that Warren Buffett's company is accumulating cash while increasing its gold holdings—this is no coincidence. The fiat currency system itself may face challenges; Bitcoin, like precious metals, is a tool to prepare for potential storms in the future.

$BTC $ZEC