The on-chain gold has impacted the valuation of Bitcoin, as the on-chain gold price broke through ahead of time during multiple geopolitical events in January, guiding the opening sentiment of the traditional market. The 'safe haven' for crypto funds: in 2026, a large number of crypto 'whales' will transfer profits to assets like XAUt; the on-chain gold requires a reevaluation of the valuation models for gold and Bitcoin, but Bitcoin 'as a first-layer asset with no counterparty risk, cannot be matched by RWA gold.'