Recently, the selling pressure on Bitcoin is quite clear—mainly stemming from capital movements in the United States.

A major exchange's negative premium data has recently hit a new high for this phase, the most serious since March. Honestly, this kind of trend is not unfamiliar; at the end of the year, combined with consecutive holidays, liquidity is already tight. When large funds concentrate their operations, it’s easy to be "blooded."

During this period, the attention in the crypto circle has indeed been diverted alternately to US stocks, gold, and silver. Funds may not be permanently out, but in the short term, they clearly prefer to chase assets with stronger certainty and clearer narratives. The stablecoin reserves on exchanges are also shrinking, which is indeed a concerning signal.

Interestingly, just when market sentiment was at its worst and repeatedly testing lows, familiar figures began to appear on-chain—not scattered small orders, but large whale orders entering the market in a planned manner.

The key moving forward is not how Bitcoin itself performs, but when gold and silver will pull back. Once liquidity is released, the market’s generally expected rhythm is: gold declines → silver follows → Bitcoin takes over. This script has been played out before, but this time, will it only follow the decline without rising? The point of divergence may be revealed very soon.