Recent market movements once again confirm: gold is a safe-haven asset, while BTC is a risk asset, even more volatile than U.S. stocks (especially the Tech 7 giants). The sharp decline in gold and silver is due to market makers actively shorting for hedging purposes and leverage unwinding; the drop in cryptocurrencies like BTC mainly reflects the collapse of macro liquidity and the failure of rate cut expectations. The only thing that could boost the crypto market is the Fed's liquidity injection, but this expectation was shattered with the announcement of the new hawkish Federal Reserve Chair. In the short term, BTC may experience an oversold rebound, but the possibility of a market reversal remains unseen.