#行情震荡，做空还是做多？ the safe-haven myth of Bitcoin, it hit a wall in the face of reality. JPMorgan's latest report notes that when global markets are volatile due to Trump's trade war, investors' choice is clear: they prefer to invest their money in gold rather than bitcoin. Gold surged to an all-time high of $3,660 an ounce this week, while Bitcoin has fallen more than 20% since hitting a record of $109,000 on January 20 and is now hovering around $83,000-$86,000. According to the report's analysis, Bitcoin has failed to become the darling of safe-haven funds like gold. Gold-backed ETFs and futures are attracting large inflows, while speculators are cashing out of new US crypto ETFs. Behind this is geopolitical uncertainty, Trump's aggressive tariffs and the specter of a recession, which are driving investors to the ultimate safe-haven asset – gold. Gold's safe-haven status has once again been verified by the market, and Bitcoin's "digital gold" narrative has pale in this turmoil. Perhaps, the true value of Bitcoin still needs time to be redefined and wait for time to verify.