Just last week, Bitcoin just reached the historical peak of $110,000, with a total market capitalization surpassing $2.1 trillion, surpassing Amazon to become the fifth largest asset in the world, basking in glory. Why has the market changed dramatically in just a few days?

Three major "black swan" attacks, the bloodbath in digital currency:
US policy "flip-flops": Tariff policy is erratic, and the market is on edge;
The "ghost" of inflation reappears: the latest inflation data falls short of expectations, and the shadow of interest rate hikes looms.
Economic Outlook "Fog": Growth momentum is fraught with doubts, and risk assets have been heavily sold off.
Under the storm, not only are cryptocurrencies suffering greatly, but traditional safe-haven assets like gold and silver are also facing a disaster, with spot gold down nearly 1%. On one hand, there is a horrific crash, while on the other hand, institutions are rushing in—this stark contrast makes Bitcoin's positioning increasingly ambiguous.
Good news does not come from nowhere:
Regulatory Breakthrough: The U.S. Senate is rapidly advancing the GENIUS Act to establish a regulatory framework for the dollar stablecoin, while financial and tech giants are gearing up.
Mainstream Certification: Cb has historically entered the S&P 500 index, and global index funds passively "increased positions" in cryptocurrencies, which is of great significance; Big Shot "relented": JPMorgan CEO Jamie Dimon finally gave in, allowing clients to purchase Bitcoin (despite his personal insistence that Bitcoin is used for money laundering and has unclear ownership).

On one hand, there is the cautious acceptance of traditional financial giants, and on the other, the blood and tears lessons of retail investors amidst the wild fluctuations; on one hand, there is the grand narrative of "digital gold," and on the other, the sharp criticism of it as a "flood beast."

Bitcoin, in the halo of breaking historical highs and the tragedy of drastic crashes, jumps back and forth repeatedly. Is it the cornerstone of the future financial system, or a giant bubble spawned by a speculative frenzy? Is it the "digital gold" that resists inflation, or the "wealth-harvesting machine" that devours fortunes?
When 210,000 accounts were wiped out overnight and 700 million dollars evaporated in liquidation, the answer trembles in the unsettled hearts of every investor. The market writes its warnings in blood: there are no merciful lifeboats amidst the turbulent waves of cryptocurrency. The peak of history and the plummet into the abyss are but a moment apart. Is this the golden sanctuary of digital civilization, or the ultimate graveyard of speculative frenzy?