Last week, the global financial markets were stirred by three forces: a surge in traditional safe-haven assets, a debt crisis in the world's third-largest economy, and the crypto sector falling into a wait-and-see stance. These phenomena reflect a rebalancing of capital amid uncertainty.

The performance of the precious metals market can be described as "out of control." Spot gold rose to a high of $4,549 per ounce, spot silver surged over 10% in a single day, and even platinum hit a record high. Don't think this is just pure risk aversion—deeper driving forces include: the weakening of US dollar credit, the global de-dollarization trend strengthening the monetary attributes of gold; the silver market is even more dramatic, with global deliverable inventories falling to historic lows, and structural shortages triggering a short squeeze; coupled with ongoing geopolitical conflicts in Nigeria, Yemen, and other regions, the safe-haven halo of precious metals is becoming increasingly dazzling.

Meanwhile, Japan's alarm bells are ringing louder. The yield on the 10-year new government bonds once soared to 2.070%, the highest since February 1999. The core issue lies in the "mutual counterplay" between the Bank of Japan and the government: the central bank is holding firm, raising the policy interest rate to 0.75% (the highest since 1995), and hinting at further increases; meanwhile, the government is planning a large-scale stimulus budget. The tug-of-war between these two forces naturally causes bond yields to spike.

Against this backdrop of global asset reallocation, the crypto market has temporarily become a bystander. Investors are repeatedly weighing between traditional safe-haven assets and emerging assets, and the market is showing a clear wait-and-see attitude.