Gold has been on the rise recently, following the same logic as bitcoin:native. The market is trading on the narrative of 'USD depreciation/U.S. fiscal credit downgrade.' The biggest conflict right now is pretty clear: the Treasury thinks long-term interest rates are too high and wants to push them down, but the Fed thinks inflation is too high and is unwilling to cooperate for now, even leaving the possibility of further rate hikes on the table. So, everyone is watching closely to see what Warsh does next. How he plays this will determine the market's major direction going forward. If the Fed starts cooperating with the Treasury later—stopping rate hikes, possibly even cutting rates, while continuing to suppress long-term interest rates—then for hard assets like gold and BTC, this could truly be a super bull market. On the flip side, if the Fed stays hawkish or even hikes rates further, leaving the Treasury to prop up long-term bonds on its own, then this logic isn’t fully closed yet. BTC is more likely to remain in a consolidation phase or even see a pullback. So, let’s be clear: the real big move doesn’t come when the Treasury acts, but when the Fed starts cooperating. Keep an eye on this news at all times. For now, with no particularly good or bad news, we might just see some consolidation around the 7.7-7.9 range.