Gold already did its job. 🥶

It absorbed fear. $ENSO

It priced uncertainty. $ZKC

Now it is going sideways. $NOM

That is not weakness.

That is capital preparing to rotate.

Bitcoin sits right where rotations begin:

- Strong relative structure

- Maximum hesitation

- Minimum conviction

This is how handoffs look before they are obvious.

First gold.

Then liquidity.

Then volatility.

Then Bitcoin.

You only recognize it in hindsight. 🚀