Today, Bitcoin plummeted from 92k to 83.8k, evaporating 140 billion USD in 24 hours, with leveraged liquidations nearing 1 billion dollars, and the entire network is wailing.

At the same time, spot gold steadily stood above 2650 USD, and it is still rising slightly.

Why?

Bitcoin essentially remains a 'leveraged version of Nasdaq', while gold is the real safe haven.

The specific killers of the market:

1. Japanese government bond yields surged to 1.877% (a 16-year high) → Yen skyrocketed → The largest scale of Yen arbitrage trading in 30 years (conservatively 34 trillion dollars) collectively collapsed → Risk assets were forcibly sold off.

2. After Thanksgiving, liquidity was extremely thin + algorithmic stop-loss triggered a cascade, the correlation between Bitcoin and US tech stocks soared to 46%, and they were both crushed by the Yen meat grinder.

3. Bitcoin ETF saw a net outflow of 3.45 billion dollars in November, MicroStrategy's stock price plummeted by 11%, rumors of Tether's instability, and China reiterated its crypto ban over the weekend, all adding fuel to the fire.

So why didn’t gold drop but instead increased?

Because central banks have already bought over 1000 tons in 2025 (led by China, India, and Russia), it is a hard asset to hedge against geopolitical tensions + the collapse of USD credibility, and does not need to rely on Yen leverage, nor does it face ETF redemption pressure.

When risk aversion kicks in, everyone rushes to hold gold instead of Bitcoin.

The script for 2025 has already been written:

Bitcoin continues to ride the roller coaster, while gold continues to reach new historical highs.

Which side are you on? The market has already made the choice for you.