Recent days have seen frequent market turbulence. The precious metals sector remains hot, with spot gold opening at $4,548 per ounce, approaching a historic high, and silver also reaching new highs to join the excitement. In contrast, Bitcoin has been somewhat embarrassed, with its decline this year expanding to 6.25%, showing a significant shrinkage.

Institutions are not idle. Recently, Google acquired shares in a publicly listed Bitcoin mining company, indicating that traditional tech giants are increasingly interested in crypto mining. Sberbank of Russia also made a move, issuing its first crypto-backed loan, which is still a relatively rare exploration within the traditional financial system.

The DeFi sector is also iterating and upgrading. A well-known DEX announced the complete removal of application and API interface fees, which is a positive signal for developers and users alike.

Interestingly, billionaire Draper remains optimistic about Bitcoin's prospects, publicly stating that Bitcoin will disrupt the global payroll industry. Such optimistic voices seem particularly firm during market downturns.

However, looking at capital flows, the US spot BTC ETF has experienced net outflows for four consecutive days, totaling $782 million, reflecting investor caution at current prices. The market is adjusting, and opportunities and risks often coexist.