Recently, this period has indeed been somewhat uncomfortable. Gold and silver take turns being the main focus, while BTC seems to have been forgotten in the corner. From the perspective of capital flow, the strong performance of precious metals is not driven by inflation expectations, but rather by safe-haven sentiment.

It's like capital has made a round of profit outside and is eager to find a safe place to settle. Gold and silver naturally become the first choices—they are backed by physical assets, have a long history, and provide peace of mind.

BTC's current situation is a bit like March 2020. At that time, the whole market questioned whether it had safe-haven properties. The question is, what did the subsequent facts prove? It's just a matter of time. The narrative of digital gold hasn't changed; it's just that market sentiment hasn't fully shaken off the shadow of the bottom.

From a different perspective, this round of correction may not necessarily be a bad thing. The funds that chased the high have been washed out, and the market's restless atmosphere has also eased quite a bit. Based on historical experience, BTC during periods of market neglect and lack of attention is often the best window for accumulation.

What is most tested now is patience. The logic of a bull market hasn't changed, whether from on-chain data, institutional accumulation, or macro environment, all remain solid. It may just be that the pace is slower than everyone expected, but this also provides more people with the opportunity to get on board.