Bitcoin (BTC) is showing a sluggish trend, trading at $63,916 as of the afternoon of the 30th. According to CoinMarketCap, it fell 0.86% over the past 24 hours. While Bitcoin carries the moniker of 'digital gold,' it has failed to properly serve as a substitute for gold during times of escalating conflicts or market uncertainty. In fact, gold, a safe-haven asset, saw a slight increase amid market anxiety, whereas Bitcoin has failed to prove its standing as an alternative.

Nevertheless, institutional investors' interest in Bitcoin has not cooled. Notably, the iShares Bitcoin Trust (IBIT) by BlackRock, the world's largest asset manager, recorded approximately $89.8 million in net inflows on July 29, achieving the highest net inflow rate among all spot Bitcoin funds in the United States. Given the enormous influence of the BlackRock name, their continued attraction of new capital is serving as a crucial pillar that prevents a sharp deterioration in market sentiment. Had BlackRock also recorded net outflows, Bitcoin's downward trend would have been much steeper.

However, the bifurcation within the broader investment market also warrants attention. In contrast to BlackRock's strong performance, other investment firms showed a cold response. Fidelity recorded a net outflow of $43.1 million, and ARKB also saw $14.6 million walk out the door. This suggests that investors applying strict standards still exist in the market, and selective investment across assets is taking place.

Going forward, this selectivity is expected to strengthen further in the coin market, and the process of separating the wheat from the chaff will be an inevitable step. Bitcoin, the cryptocurrency with the largest market capitalization, will not be exempt from such rigorous market evaluation.

[Investment decisions are the responsibility of each individual, and as short-term volatility has expanded, a cautious approach is required.]