#数字资产市场洞察 Everything was rising yesterday — US stocks surged across the board, the S&P 500 broke through the 6800-point mark, and the Nasdaq also crossed the 50-day moving average; Bitcoin held steady above $85,000; silver hit a record high of over $67, gold closely followed, nearing its all-time high. Even the US dollar index was climbing.

At first glance, it feels extremely comfortable, but don’t get too excited just yet.

The most bizarre part is right here — US stocks are rising, precious metals are rising, Bitcoin is rising, and the dollar is rising too. According to conventional logic, this combination shouldn’t happen. When risk appetite increases, the dollar usually weakens. But now everything is rising, which clearly indicates a problem.

There was no particular news driving the market last night, no signs of panic selling, and no divergence in direction. Yet everything moved in unison, with quite consistent gains. Sounds like confidence is overflowing? Actually, no. It’s more like a rebalancing — the market is looking for a position that’s hard to question.

Let’s also look at recent data. Non-farm payrolls came out, CPI was released, and the Fed’s stance was laid out. NY Fed President Williams even explicitly said there’s no urgency to cut rates again. Logically, the market should be disappointed and react accordingly. But what happened? Nothing. Stocks didn’t fall, cryptocurrencies didn’t fall, metals didn’t fall.

That’s the key. When the market should fall, it doesn’t — and that’s more worth pondering than when it rises. It shows that the primary concern for funds now is: don’t get caught in a trap at the end of the year. $BTC, $ETH, $BNB — the price increases are actually a defensive posture — not daring to heavily short or overly aggressive long, just pushing assets toward the “safest and most popular” direction.

The market isn’t celebrating good news, nor is it genuinely pricing in bad news. It’s just using the upward movement to buy time, waiting for the real storm to come.