Cryptocurrency analyst XWIN Research Japan stated, "While the S&P500 and Nasdaq have reached all-time highs, Bitcoin (BTC) remains about 40% below its peak, and Ethereum (ETH) is about 52% lower. Gold (-12%) and silver (-34%) are also in a correction phase, indicating that funds are selectively flowing into specific asset classes. Typically, fund flows move from crude oil to dollars and interest rates, then to stocks, and subsequently to Bitcoin. However, the current market shows stocks leading and cryptocurrencies lagging. On-chain data confirms a decrease in BTC holdings on major exchanges and a continuous accumulation trend, indicating structural improvement, but the price is currently below key resistance levels. Bitcoin's current trend, rather than signifying weakness, is a phenomenon due to a time lag, with a structural basis for an uptrend gradually forming," they analyzed.