Why did Bitcoin not surge to 150,000, but instead briefly spike to 75,500 USD under the watchful eyes of everyone? Why, at this moment when the world needs safe havens the most, have safe-haven assets collectively disappeared? When tariffs are flying everywhere, even physical gold has plummeted. Could it be that in this chaos, even hedging itself has become an expensive bubble?

Many people do not understand, shouldn't the chaos cause gold and Bitcoin to rise? Don't forget, Bitcoin is no longer a toy in the hands of geeks, but a high-risk chip in the hands of institutions.

Tariff expectations have directly strengthened the dollar, and CME has raised gold margin requirements at this time. The result is that institutions, in order to fill the gap in global leveraged positions, are forced to sell the most liquid gold for cash. Remember, when a real financial tsunami comes, all assets will first turn into cash. This chain of liquidations has turned gold into an ATM, while Bitcoin has become a victim.

How severe is this "de-leveraging" pain?

In the past 24 hours, the sell-off has caused the entire cryptocurrency market capitalization to evaporate by approximately 111 billion USD. During the same period, about 1.6 billion USD of positions were liquidated across the network—most of which happened in just four short hours. This disappearing 1.6 billion essentially represents those leveraged long positions betting on "good news" at high levels, collectively executed by the market under the heavy blow of tariff bad news.

Since hedging has failed, does this mean we need to reshape our asset allocation logic?

At 4,700 for gold and 75,000 for Bitcoin, which one is more cost-effective? At this point, we can't just look at price fluctuations. If gold is the shield of old trust, Bitcoin is the spear of new credit.

The current double kill is essentially a "risk rebalancing" occurring amidst global financial chaos. This correction is not the end of a bull market, but a reordering after an identity crisis.

Do you think that the current cash is king is merely a temporary safe haven, or a long-term tightening signal?