Core Insights - The cryptocurrency market is experiencing a short-term momentum shift amid global macroeconomic fluctuations, with Bitcoin briefly reaching the psychological level of $90,000 but failing to maintain support as funds shifted during U.S. trading hours [1][3] - Gold prices surged by 2% to a record $4,475 per ounce, while silver rose by 1.6%, indicating a preference for physical assets over digital assets due to prevailing "currency devaluation trading" logic [1][3] - The U.S. stock market showed strength, with the Nasdaq and S&P 500 indices both gaining around 0.6%, while the dollar index declined by 0.3% [1][3] Market Dynamics - Within the cryptocurrency sector, there is a structural shift in capital preferences, with Bitcoin mining companies focused on AI infrastructure, such as Hut 8, seeing a significant increase of 17.5% [2][4] - The acquisition of AI infrastructure company Intersect by Alphabet underscores the demand for data center capacity among major players [2][4] - The transition from traditional "mining" to "high-performance computing" is redefining the valuation logic of related publicly listed companies [2][4] Future Outlook - Research from ByteTree indicates that the cryptocurrency market may need to undergo a period of consolidation before the strong momentum in precious metals wanes [5] - While Bitcoin's long-term investment returns remain significant, the explosive rebound of traditional metals like silver is diluting the available market liquidity [5] - Monitoring the heat in the gold market is crucial, as it often serves as a leading indicator for risk assets to regain pricing power [5]