Recently, I observed an interesting phenomenon—gold and silver, after reaching historical highs, seem to be cooling down. Many funds that previously bet on precious metals are now shifting towards the crypto market.

Data supports this judgment: The total trading volume of US stock-based crypto spot ETFs has already surpassed $2 trillion, with a single product accounting for nearly 70% of market liquidity. As of 2025, Bitcoin has absorbed approximately $1.2 trillion in fiat inflows. Looking at January 2nd alone, ETF products net bought $645 million in a single day, and this pace is quite impressive.

My view is that Bitcoin is gradually being redefined by more traditional capital—no longer just "digital gold," but something that has "more room for imagination than gold." Asset succession often happens quietly during these most heated debates, and no one notices that the market has already shifted. It seems that this wave of Bitcoin has indeed received the baton.