【VKGAME Virtual Currency】Cryptocurrency Becomes a Safe Haven Against Inflation, US Dollar and Gold System Faces Historical Doubts

The global financial market is experiencing the most severe inflation test since the 1970s, with the one-year inflation expectation in the US soaring to 6.7% in April, the highest record since 1981. This data has risen for four consecutive months, with a cumulative increase of 4.1 percentage points, far exceeding the Federal Reserve's 2% policy target. Under this hurricane impact, traditional asset allocation logic has shown systemic failure: although gold has surpassed the historical high of $3,350, its correlation with the real yield of US Treasury bonds has broken by 3.2 standard deviations, and the pricing model error rate for 30-year gold has exceeded 15%; the US dollar index has fallen below the 99 mark, reaching a new low since April 2022, with the Japanese yen appreciating 2.3% against the US dollar in a single week, indicating a shake in international capital's confidence in the dollar.

However, the cryptocurrency market has demonstrated unique resilience. Despite a 70% drop in capital inflow over the past two weeks to $2.38 billion, Bitcoin ETFs have attracted over $1 billion in the opposite direction, with BlackRock's IBIT product seeing net inflows exceeding $100 million for 11 consecutive days. On-chain data shows that the number of whale addresses holding over 1,000 BTC has increased by 8% month-on-month, and the institutional holding ratio has climbed to 42%, a 17 percentage point increase compared to the bear market period in 2023. This differentiation indicates that global capital is reconstructing its defense system: retail investors are accelerating their exit below the fear and greed index warning line of 33, while traditional asset management giants like Bridgewater are increasing their cryptocurrency allocation from 0.3% to 1.2%. Digital currencies are beginning to take on the strategic function of hedging against fiat currency devaluation, with their correlation with the M2 money supply reversing from -0.21 to +0.37, marking the formal entry of crypto assets into the mainstream anti-inflation tool series.

Under historic inflation pressure, the game between traditional safe-haven assets and cryptocurrency has entered a new stage. While the gold pricing model fails, the 90-day correlation between Bitcoin and gold has risen to 0.58, reaching a 12-month high, and the price spread volatility between the two has narrowed to 18% (historical average 32%). On-chain data shows that the weekly settlement volume of stablecoins has exceeded $98 billion, with USDT's penetration rate in Latin America's payment scenarios increasing by 47% year-on-year, indicating that a large amount of capital is circumventing currency devaluation risks through cryptocurrency channels.