The pressure of gold on the cryptocurrency market is still too great. Around January 21st, spot gold briefly approached $4888/oz, and by 2025, it has risen by about 64%, Since the beginning of 2026, it has risen by about 10%, and institutions are also raising their target prices for the end of 2026, Goldman Sachs even raised gold prices to $5400/oz. Due to the fact that gold has almost completely consumed the macro safe haven and de dollarization narrative of cryptocurrencies, Resulting in crypto being locked in the development of liquidity and regulatory channels (ETFs). According to last week's data, the net inflow of US stock funds was $28.18 billion, the net inflow of bond funds was $10.12 billion, and the net outflow of money market funds was $75.72 billion, indicating that the market is now entering a trend of cash flow to risk assets. Liquidity involves hedging while investing. BTC and ETH are indeed flowing in funds. Last week, BTC had a net inflow of 1.9 billion and ETH had a net inflow of 246 million, but Solana, which is supported and developed by cryptocurrency applications, had a net outflow of 6.9 million. Another issue is that the myth of instant wealth through encryption is rapidly disappearing after regulatory intervention, The narrative premiums of universal faith, encryption changing the world, and high returns and multiples are also rapidly disappearing, With the continued regulation, the market will become more and more like an ordinary high volatility risk asset, and it is no longer the myth of the once popular cryptocurrency boom. As mentioned earlier, in the future, more money entering the cryptocurrency market will go through ETFs and other acceptable paths for institutions. There is a high probability that the flow of funds searching for high-yield imitations will not appear again. This part of the funds has either been harvested and left, or will be seriously injured after these two cycles. The next turning point for cryptocurrency may be BTC's rebound, at least gold, a safe haven market caused by policies and forms, cannot remain strong indefinitely. Risk assets will rebound, and the cryptocurrency market will quickly regain vitality.