In the past 24 hours, Bitcoin has fallen from 92000 to 83800, with the market evaporating directly by 140 billion USD and leverage liquidations nearing 1 billion USD. Meanwhile, spot gold is steadily above 2650 USD and continues to rise slightly.

Behind this lie three sharp knives:

The first cut - Japan's government bond yield was directly raised to 1.877%, reaching a 16-year high. The yen experienced a violent appreciation, and those yen arbitrage trades worth up to 3.4 trillion dollars began to collectively explode. Risk assets? Must be forcibly sold.

The second blow - After Thanksgiving, the market liquidity is as thin as paper, and algorithmic stop-loss triggers a sell-off. The correlation between Bitcoin and the US tech stocks soared to 46%, both being crushed by the yen's meat grinder.

The third blow - In November, Bitcoin ETF had a net outflow of $3.45 billion, MicroStrategy's stock price fell 11% in a single day, rumors about Tether's stability were rampant, and China reiterated its crypto ban over the weekend. All negative factors are resonating together.

So what? Bitcoin is essentially a "leveraged version of Nasdaq" and cannot withstand systemic selling pressure.

Why is gold rising instead? The truth is that by 2025, central banks around the world have already bought more than 1000 tons (led by China, India, and Russia). It is a hard currency to hedge against geopolitical risks and the collapse of the dollar's credit. There is no need for yen leverage or ETF redemption pressure.

When risk comes, funds embrace gold, not cryptocurrency.

The script for 2025 has actually been written: Bitcoin continues its roller coaster, gold continues to hit new historical highs. The market has already voted with its feet.