The recent market rhythm is quite interesting—gold is surging wildly, while Bitcoin has actually fallen behind.

Spot gold prices broke through $4,500 per ounce long ago, with this year's increase exceeding 70%, setting a new annual record since 1979. In contrast, BTC, which peaked at $126,000 in October last year, has now hovered around $88,000, a decline of nearly 30%. This "one up, one down" contrast seems to be replaying the old script from 2020.

Regarding this wave of gold行情, the signs appeared as early as July this year. On July 21, spot gold broke through $3,400 per ounce, and in August, Federal Reserve Chairman Powell signaled a rate cut, directly boosting gold. Ashish Dosh, head of gold strategy at State Street Global Advisors, described this as a "golden perfect storm"—policy support, market expectations, and buying influx, all coming together.

Even more interesting are the actions of central banks. Data from the World Gold Council shows that in 2024, global central banks' net gold purchases reached 1,045 tons, accounting for 21% of the world's gold production that year. This is no small figure, reflecting that amid increasing uncertainty, central banks worldwide are paying more attention to gold's safe-haven properties.

It seems that the rotation rhythm among assets is indeed changing. Gold leading the way, cryptocurrencies adjusting—how long this pattern will last remains to be seen.