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Opinion: Beware of the "Illusion of Safe-Haven Assets"
The so-called "digital gold" narrative has been discredited in this round of sharp decline. A economist who wished to remain anonymous pointed out that data shows the correlation between Bitcoin and the Nasdaq Index has exceeded 0.8, and its essence remains a high-volatility risk asset.
Against the backdrop of increasing uncertainty in Federal Reserve monetary policy, cryptocurrencies often become the first to be sold off.
Perhaps, from a "crazy bull" run to a "collapse" crash, the cryptocurrency market is experiencing a severe deleveraging process. For ordinary investors, understanding the market's dual-sided harvesting nature, staying away from high-leverage speculation, and respecting regulatory red lines may be the only way to avoid becoming a "discarded product of the era."