#BTC资金流动性 Friday presents an interesting phenomenon: everything is rising. US stocks hit new highs, Bitcoin stabilizes above $85,000, gold and silver hit record highs, and even the US dollar is strengthening.

At first glance, it feels very comfortable, but upon closer thought, it’s a bit strange.

In a normal "risk asset market," the dollar should be falling. But now? Stocks, cryptocurrencies, precious metals, the dollar—all are rising. There’s no clear positive news driving this, and no signs of panic selling; everyone is tacitly pushing the prices in the same direction.

This actually reveals the true market sentiment. The head of the New York Fed recently stated that there’s no need to cut interest rates this year. Such signals should logically cause a sell-off, but what happened? The market held firm. The assets that should have fallen didn’t, which is even more telling than the rise itself.

When all assets are rising together, it’s usually not because everyone suddenly has newfound confidence, but rather because they are collectively adopting a conservative attitude of "not押错方向" (not betting on the wrong side). The logic of funds is straightforward: they don’t dare to heavily short or go all-in long. Instead of choosing sides and risking being proven wrong, everyone is gradually pushing prices higher together. This is a typical defensive trend—using rising prices to buy time, not necessarily because of genuine bullishness.

From Bitcoin to Ethereum, from US stocks to precious metals, the rhythm is surprisingly consistent. This synchronized rally is actually the market saying: I’m still hesitating, don’t rush to bet.