This week's U.S. stock market feels divided and in transition, with a calm surface hiding turbulent undercurrents.

As for Bitcoin and cryptocurrencies this week, their performance can be described as somewhat awkward.

The best-performing assets this week were gold and silver, with gold prices approaching $5000 and silver breaking the $100 mark for the first time in history. Normally, Bitcoin is often seen as digital gold, but unfortunately, it failed to ride the wave of safe-haven appeal, especially amid geopolitical tensions (the situation in Iran) and a weakening dollar. Bitcoin and Ethereum merely rebounded during the day before retreating, failing to generate a decent independent trend. It seems that capital is more inclined to flow into traditional precious metals rather than cryptocurrencies.

The macro analysis of the market is as follows:

1. Capital is quietly relocating; although the S&P 500 index is basically flat and the Nasdaq has seen a slight increase, there is a very concerning signal aside from the indices: capital is massively fleeing the U.S. stock market. According to Bank of America data, nearly $17 billion flowed out of U.S. stocks this week. So where did the money go? It has all gone to European and Japanese stock funds, and even to emerging market safe havens.

2. Policy risk has become the biggest variable; the main reason for market volatility this week was not economic data, but rather policy chaos. Trump one moment says he wants to buy Greenland and threatens to impose tariffs on Europe, the next he wants to sanction Iraq and even threatens to cut off Iraq's dollar supply. This weaponization of the dollar has directly led to a decrease in market trust in dollar assets. The result is a sharp decline in the dollar index, marking the largest single-day drop since August of last year, and even the worst weekly performance since April of last year.

3. The biggest variable in the market is next week's Federal Reserve meeting, but market expectations are very confused. Originally, everyone anticipated a rate cut, but it now seems the first rate cut may be delayed. Even more dramatic is that Trump could nominate a new Federal Reserve chairman at any time, with BlackRock executive Rieder becoming a frontrunner. This uncertainty regarding personnel and policy has left the market in a state of anxious anticipation for the next shoe to drop.