#美联储降息预期升温 $BTC

Bitcoin's "purchasing power" against precious metals is shrinking, and this market change is worth paying attention to.

Recent data is quite striking:

· In January this year, 1 Bitcoin could still be exchanged for nearly 38 ounces of gold. Now? Only 19 ounces. A direct halving.
· The exchange rate for silver has fallen even more sharply. Since its peak in May, its purchasing power has evaporated by two-thirds.

In other words, those who regard Bitcoin as "digital gold" for allocation are now facing a situation where it has temporarily downgraded to "digital silver."

However, from an absolute position, compared to the bottom of the 2022 bear market (when 1 BTC could only buy 9 ounces of gold), it is still positioned higher. But this pace of decline does make people a bit nervous.

The underlying logic is quite clear — two forces are pulling:

On one side, traditional precious metals are re-attracting capital amid global uncertainties. Gold's safe-haven properties are active again, and silver, supported by industrial demand, looks stable. They are "old assets" with a century of historical heritage.

On the other side, Bitcoin, after its rapid rise earlier, is now entering a digestion phase. Capital may be reallocating, and the market is waiting for new certainty signals. As a "new contender," its momentum is still there, but it indeed needs to adjust its pace.

From an asset allocation perspective, this isn't about who wins or loses, but about the market re-evaluating the roles of various assets in the current environment. Different cycles have different protagonists, and true stability comes from understanding the logic behind these rotations.

Right now, money is voting with its feet. What do you think?