Today I saw that gold has dropped nearly 2%. My personal understanding is that after the GDP data was released yesterday, the market's expectations for a recession in the U.S. economy have temporarily dissipated. After all, domestic demand in the first quarter is still quite strong. What may be more important is the GDP for the second quarter, as we cannot rule out that domestic demand is also a result of concerns leading to 'tariff hoarding'.

However, the drop in gold, along with the rise in U.S. Treasury yields, suggests that investors' risk appetite is on the rise, especially with the strong earnings reports from $META and $MSFT released early this morning, which helped U.S. stocks continue to rise. Although Bitcoin is still hovering around $95,000 for now, the overall market sentiment is good.

In summary, the current pullback in gold prices, rising U.S. Treasury yields, strong U.S. stocks, and Bitcoin's cautious stance together indicate an increase in risk appetite for capital. However, whether this can be sustained still requires confirmation from the non-farm payroll data this Friday. If employment and wages are strong, BTC may see a short-term breakout opportunity; conversely, we need to be wary of potential market revaluation volatility.

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