The logic of capital switching in the pancake market has arrived: gold has peaked, and the wind is changing!

In the past week, gold surged to $4250 before consolidating at a high level and retreating on increased volume, while Bitcoin completed a bottom reversal during the same period, taking off from $106000. This is not a coincidence; it is a typical signal of capital migration, with risk-averse funds beginning to withdraw from gold and aggressive funds gathering towards BTC.

Gold is a "safe haven asset," while Bitcoin is a "rocket asset." When risk appetite rebounds and gold loses its elasticity at high levels, smart money will definitely seek higher-return assets. In 2020, they chose Bitcoin; now, in 2025, they may make the same choice again.

Bitcoin is not a substitute for gold, but rather the next stop for capital. When gold peaks, BTC is the baton.

Next, we should focus on two key signals: First, can Bitcoin maintain a steady position above $106000? If it breaks through strongly with increased volume, the structure will confirm the entry into the "second main phase of growth." Second, if gold continues to weaken, it will further release capital elasticity, accelerating BTC's upward slope.

The peak of gold marks the starting point for Bitcoin. 2025 is not a replication of 2020, but a reenactment of a larger-scale asset migration at a higher level. If you are waiting for a "major market confirmation," you might end up waiting for a new high point, not a starting point. $BNB $BTC #加密市场反弹 #内容挖矿升级 #比特币ETF恢复净流入 #巨鲸动向