There is a phenomenon worth pondering: global central banks' liquidity injections this week are almost unstoppable, yet the crypto market has actually weakened.

This week's data looks so exaggerated that it doesn't seem real: the RMB market received 8.627 trillion yuan, and the Federal Reserve and the Treasury jointly poured nearly $90 billion—such a scale of liquidity release should at least stir some waves in the crypto space. But what happened? Bitcoin fell by 6.6%, Ethereum dropped by 12.32%, and it simply didn't keep up with this wave of liquidity.

The most heartbreaking part is the actions on the institutional side. BlackRock's Ethereum ETF saw a net outflow of $627.5 million in December, indicating that institutional investors are currently very risk-averse. Meanwhile, Solana, although still ranked first in the ecosystem race, saw its market share plummet from 38.79% to 26.79%, a sharp decrease of 12 percentage points. The Fear and Greed Index has been in the fear zone for eight consecutive weeks, longer than the crash in April this year—these signals combined reveal a quite obvious contrarian message.

Looking at the overall asset performance in 2025, it becomes even more interesting: silver rose by 165%, gold by 72%, Nasdaq by 22%, while Bitcoin fell by 6.6%, and Ethereum dropped by 12.32%. Behind this dislocation, there may be two explanations: either there are undisclosed risks in the crypto space, or it’s classic liquidity rotation—funds first rush to safe + yield assets like gold and silver, then move into the stock market, with crypto assets always being last.