#比特币宏观资产属性 The Dow Jones Gold Ratio has reached a turning point again, and this time it's quite interesting. According to historical data, the previous three turning points all indicated that gold would continue to rise for several years, while the US stock market would relatively decline. This time is even more decisive — analysts say the decline could be more severe than the previous three rounds.

An interesting point is that this is not something new; it’s the old logic of macro asset allocation at work. When risk assets come under pressure, gold as a safe-haven asset naturally becomes more attractive. For emerging assets like Bitcoin, it actually reflects the same logic — when macro conditions change, investors are adjusting their asset baskets.

The current question is, what kind of impact will this major cycle transition have on crypto assets? A decline in risk sentiment is indeed unfavorable, but from another perspective, when traditional assets suppress each other, some people are also starting to reassess Bitcoin’s macro position. How this wave of market moves will unfold depends on the subsequent performance of the Federal Reserve and economic data. We’ll keep observing.