Recent financial markets have shown extreme divergence. On one side, traditional assets like gold, silver, and the S&P 500 have surged repeatedly, with bulls earning huge profits; on the other side, Bitcoin has been ruthlessly dumped from its peak of $125,000, currently hovering around $87,000, and any slight disturbance could cause a sharp drop. This "ice and fire" situation is not accidental but is closely related to the recent release of key economic data.

What is the essence of this market anomaly? Simply put, it’s not that Bitcoin itself has a problem, but that the global liquidity environment has undergone a fundamental shift. More straightforwardly, the "safe-haven asset" premium that Bitcoin once enjoyed has been completely shattered.

The key lies in that GDP data. After the first economic data release following the shutdown, there was a noticeable shift in market capital flows. From public feedback, this data likely exceeded expectations, directly triggering a large-scale asset reallocation. What does this mean? It suggests that the previously widely bet-on "interest rate cut cycle" and "liquidity easing" may need to be rewritten.

Bitcoin’s dependence on liquidity is far greater than imagined. Looking back at history, every major rally in Bitcoin has been inseparable from abundant market liquidity. But once central banks turn to tightening, or funds find lower-risk investment options, Bitcoin quickly becomes a target for sell-offs. This is not conspiracy theory but a market law repeatedly validated over the past decade.

The reason traditional assets are rising against the trend precisely reflects that, under strong economic data, some institutional funds’ risk appetite has shifted—preferring to turn to relatively certain sources of return in the short term rather than continuing to bet on the uncertainty of cryptocurrencies. Ultimately, the outcome of this divergence hinges on liquidity expectations and risk appetite of funds driving the market.