Recently, everyone watching the market has felt this strange atmosphere. Opening the candlestick chart, Bitcoin seems to be stuck in some kind of stagnation—neither soaring nor plunging, just sideways consolidation. In contrast, gold and the US stock market are rallying happily, it's almost like two different worlds. Naturally, the comment section is filled with pessimistic voices: "Is this the top?" "Is this the end of this round?"

But things are not that simple.

Having navigated this circle for many years, I realize that this superficial "calm" actually hides a covert battle among the bulls. Describing it as a "Three-Body Puzzle" is perfect—beneath the seemingly peaceful surface, currents are surging.

**Hashrate hits new highs, but the logic of mining is changing**

That's right, the total network hashrate has reached a new all-time high, which is a positive signal indicating that the network's security and credibility are continuously strengthening. But there's another layer to the story: many mining farms are choosing to cash out at high levels at this time. Their liquidity needs are urgent. Meanwhile, some farsighted big capital is quietly accumulating positions during this "panic" moment, laying out chips in advance.

The result is—on one side, frantic mining; on the other, frantic buying. The price is being artificially stuck in an awkward position. This is a game among the experts; retail investors find it hard to make sense of it all.

**Global capital is choosing sides**

The story in the crypto world is just a part of the entire financial ecosystem. Looking at the global markets from a broader perspective, the reason gold and US stocks are so hot is due to increasing geopolitical uncertainties. When international tensions fluctuate, traditional safe-haven assets (gold) and dollar-denominated assets (US stocks) become the "old flames" of capital.

Investors are voting with their feet—they are shifting into traditional safe assets. This doesn’t mean Bitcoin has no chance, but at this particular stage, market risk appetite is retreating. Liquidity is being reallocated, and capital is approaching high-risk assets with more caution.

**The real opportunity is brewing in silence**

My view is that this current silence is likely the calm before the storm. Bitcoin isn’t out of the game; it’s waiting for the next catalyst. When global liquidity conditions improve or new geopolitical turning points emerge, suppressed buy orders will be unleashed in a concentrated manner.

The key is to distinguish whether this is a "bear market" or just a "correction." Fundamentally, Bitcoin’s network strength is increasing, and institutional interest has not waned. This looks more like a structural shakeout rather than the end of the story.

So, don’t be scared by the short-term sideways movement. The game is far from over.