Cryptocurrency market analyst CyrilXBT recently shared his observations on the current market on the X platform: the upward movement of gold is not a random fluctuation, but rather a significant signal indicating that market liquidity has become cautious and conservative. This phenomenon usually suggests that market participants have already begun to adopt a defensive stance before the actual risk explosion. CyrilXBT emphasized that this is driven by changes in the macroeconomic environment, rather than micro factors such as Bitcoin Ordinals. The performance of gold trends is becoming an important window for observing the shift in market risk appetite.