A-shares have risen, gold has risen, the renminbi has appreciated, while the cryptocurrency market $BTC is crying out in despair.

Money hasn't disappeared; it has just moved to a different place to play. Domestic funds are flowing back to traditional assets, while overseas funds are waiting for clearer signals.

Basically, every time this kind of divergence happens, a bunch of people start questioning life and come up with various conspiracy theories. But the reality is simple: the market is like this; different asset classes have different cycles.

Those who shout 'this time is different' every day are probably now studying how to open an account for A-shares.