2025 is coming to an end, and an interesting scene has appeared in the global financial markets: the US dollar is noticeably weakening, the RMB is surging past the 7.0 mark to reach new highs; gold and silver prices are frequently hitting record highs, with annual gains of 71% and 160% respectively.

Logically, such macroeconomic conditions should be favorable for crypto assets, but what’s the result? Bitcoin, hailed as "digital gold," has become awkward, fluctuating repeatedly between $85,000 and $90,000, and has fallen about 13% this year. This stands in stark contrast to the booming traditional safe-haven assets.

**Institutions are quietly withdrawing**

At year-end, market participation is naturally low, and liquidity is tight. But more painfully, the institutional funds that previously boosted Bitcoin are now moving out. US spot Bitcoin ETFs have experienced continuous net outflows in recent days, with daily outflows exceeding $800 million multiple times. This kind of retreat amplifies market volatility and pushes up risk premiums.

**Global uncertainties are intensifying**

The Bank of Japan suddenly raising interest rates, along with other such events emerging one after another, has unsettled global markets. In such times, the natural reaction of capital is to avoid highly volatile assets. Bitcoin’s volatility makes it the first asset some risk-averse investors want to sell off.

**Current certainty outweighs future imagination**

This is the core issue. Look at gold—thousands of years of history prove it to be a reliable safe haven; silver, with its booming industrial demand, has tangible support; stocks are backed by corporate earnings. Bitcoin’s story always revolves around "future potential," but in the current macro environment, the market clearly prefers "certainty."

**What about the future?**

Market opinions are divided. Optimists believe this is just a "delayed rally." Once liquidity recovers in early 2026 and macro conditions become clearer, Bitcoin will see a rebound.

Another group thinks further ahead. Renowned investor Robert Kiyosaki has pointed out that Warren Buffett’s company is heavily hoarding cash and shifting towards gold, which indicates what? It shows that the fiat currency system is facing challenges. Like precious metals, Bitcoin is also a tool prepared in advance for upcoming risks.

In short, the current situation is one of waiting—waiting for liquidity, waiting for macro clarity, waiting for the market to re-position.