Today's homework got harder to write. Gold and silver saw a significant drop, and unlike yesterday, when there was a quick rebound after the dip, today's rebound after the drop is much weaker. Plus, there's something strange happening today—the price gap between gold and silver in the U.S. and China is widening when measured in the same units. Of course, this is based on data before the markets in both countries closed. This might indicate that gold and silver in the U.S. are primarily traded through futures and paper contracts, while in Shanghai, the focus is more on physical delivery and actual demand. So, when facing the same drop, the prices of gold and silver on the Shanghai Exchange appear to hold up better. Currently, after conversion, the gold and silver prices in China should be higher than the current prices in the U.S. U.S. stocks continued to fall today, but the dollar index is rising. While this doesn’t fully confirm the earlier speculation that institutions are reducing stock holdings to increase cash, the trend suggests it’s quite possible. Especially after Trump announced the nomination of Kevin Warsh as the new Federal Reserve Chair, short-term U.S. bond purchases increased, but long-term U.S. bonds saw sell-offs. The market doesn’t seem very optimistic about Warsh. Looking at Bitcoin data, the turnover rate has surged. Yesterday was still okay, but today the level of panic has clearly risen. The main contributors to the turnover are still short-term investors. Since the exact reason for the drop is unclear, market sentiment is quite tense, especially during the weekend when liquidity is poor. Let’s see how the Asian markets react. From the perspective of the chip structure, things are still stable for now. The $83,000 support level remains quite resilient, and more BTC has returned to this range. Let’s see if a new bottom can form. However, it’s clear that early-stage loss-making investors haven’t changed much. Be cautious over the weekend. @bitget VIP, lower fees, bigger perks.