With Trump TACO, U.S. stocks as risk assets surged, VIX fell, and panic sentiment dissipated.

But gold, as a safe-haven asset, also rose, which is a bit strange without large-scale liquidity injection.

BTC also got chaotic, and neither risk assets nor safe-haven assets are following each other.

Why are U.S. stocks and gold rising together, while Bitcoin is taking a hit?

Geopolitical risks have not been completely eliminated, especially the Iran issue we mentioned repeatedly a few days ago, with Trump posting to validate.

Neither side wants to get stuck in a quagmire; either a quick success or a final compromise, with more impact leaning towards short-term disturbances.

Iran's protests have been suppressed for the most part, losing the best timing for action, making the probability of taking action lower and the chance of getting stuck in a quagmire even lower.

This weekend, the risks may be alleviated.

The recovery of risk assets is relatively cautious, with early-stage liquidity recovery, and the market value and trading volume of gold are 10 times that of BTC.

Bitcoin still has to wait for the risks to be alleviated, as liquidity in the gold market flows out.

Persist a little longer, get through this week's big test, and if there are no issues with the economic data in early February, spring will have arrived. Bottoming out from early January to early February.

Filter out the noise, focus on the main line for the whole of 2026: moderate economic weakening, inflation falling, liquidity improving, global fiscal expansion, semiconductor shortages, and crypto deregulation!