$BTC $ETH $BNB Weak US dollar and RMB appreciation, even gold and silver are soaring, only Bitcoin remains stagnant—this is the most bizarre phenomenon at the end of 2025.

The market is indeed surreal to the point of absurdity. The US dollar continues to weaken, and the RMB hits a two-and-a-half-year high; gold prices surge to $4,500, a 71% increase in a year; silver is even more aggressive, breaking through $76, with a market value nearly catching up to Apple. Almost all risk assets and safe-haven assets are cheering in unison, yet Bitcoin is firmly stuck between $85,000 and $90,000, down 13% for the year.

How can the story of "digital gold" be told this year?

According to data, the truth is actually very cold:

Recently, the US Bitcoin ETF has experienced five consecutive days of capital outflows, with a total net outflow of over $825 million. Institutional investors are retreating en masse at the end of the year, and market liquidity is shrinking sharply. The Bank of Japan suddenly raises interest rates, but global large funds are only willing to pile into the "most certain" assets—gold, backed by a thousand years of history, and silver, supported by industrial demand. As for Bitcoin's "future narrative," no one dares to bet right now.

But this silence may be building up something. Some analysts believe this is just a "delayed bull market"—liquidity will thaw in January, and Bitcoin may see a rebound. Others are more aggressive, saying this is a sign of the "imminent collapse of the fiat system"—even Buffett has accumulated $340 billion in cash and turned to buy gold mines. Retail investors should hold some gold and Bitcoin in hand, just in case.

Now Bitcoin is like an onlooker, quietly watching the market dance. Is it brewing for the next surge, or has the entire narrative already shattered? What do you think?