Welcome to this week's global tracking👀 Hard assets are competing for an "independence premium". 🧐The macroeconomic regime has shifted: governance and institutional risk now matter more than the traditional growth-inflation narrative. 🤠Precious metals are being re-rated for an “independence premium”, whilst BTC/ETH are increasingly priced as high-volatility USD beta due to USD-settled leverage and portfolio-style risk budgeting. 🧐With US policy uncertainty rising and long-term yields remaining high, options markets and forward-return expectations imply a tougher backdrop—especially for ETH—until dollar leverage subsides and the narrative shifts back to liquidity and growth. Read more👉 https://blofin.com/en/academy/flow-insights/whale-s-tracking-gold-over-digital-gold(BloFin Research)