Based on this year's market trends, gold is reaching a new all-time high (recently surpassing $5,200 per ounce), while Bitcoin has been fluctuating within the 66,000-69,000 range. Network data indicates that gold's gains are driven by large inflows from sovereign funds and institutions, reacting more to "sovereign risk" than to "liquidity risk"; Bitcoin, on the other hand, is more dependent on global liquidity releases and venture capital investments. When macroeconomic uncertainties or extreme risk aversion occur, short-term selling pressure may arise—this is related to the pricing dynamics of "risk assets."