Bitcoin's recent market movement is quite exciting. Since the beginning of the year, it has turned negative, once dropping below the $87,500 mark, with a 24-hour decline of 3%. The market's bearish sentiment is indeed spreading.

There are many behind-the-scenes drivers. The global risk-off sentiment is the main backdrop—tensions around Greenland between the US and Europe have escalated, coupled with recent surges in Japanese government bond yields, all of which are increasing market unease. Interestingly, the traditional stock market's Nasdaq has actually risen slightly, but gold remains unaffected, hitting new highs with an ounce breaking through $4,800.

What does this divergence indicate? The flow of safe-haven funds is still following the old pattern: stocks may carry risks, but hard assets like gold are more reliable. The crypto market, under this overall environment, is also under pressure, which seems understandable.