Looking at this round of market movements, $XRP $SOL $ZEC the fluctuation patterns of these coins remind people of an interesting phenomenon — the market's reaction during a crisis is not simply a one-way movement.

Many believe the saying: "When a crisis comes, gold is finished." But in actual operation, the real picture is much more complex. Gold's trend exhibits a typical three-phase pattern, which also provides insights into understanding the cycles of crypto assets.

**Phase One: Crazy Accumulation Before the Crisis**

Smart money always leads the way. When recession signals appear in the economy, institutional investors start withdrawing from the stock market and shifting to safe-haven assets. Before the 2008 financial crisis, gold prices rose by 52% within 12 months. Meanwhile, expectations of rate cuts by central banks intensified, and the proportion of gold reserves held by global central banks surpassed euro reserves. This strategic accumulation directly pushed up gold prices.

**Phase Two: Flash Crash Under Liquidity Crisis**

This is the most brutal moment. During the two weeks after Lehman Brothers' collapse, everyone was scrambling for cash, and gold fell 24% in two weeks. It’s not that gold itself has no value, but a consequence of systemic liquidity exhaustion — all assets were being sold off, including gold. But there’s a hidden signal here: assets that are panic-sold are often the best bottoming opportunities.

**Phase Three: Epic Rebound in the Era of Money Printing**

The stage truly begins after the crisis. After 2008, the Federal Reserve launched quantitative easing, injecting liquidity in rounds. Gold soared from $681 to $1920, a cumulative increase of 182%. This is also why economists say "money is becoming less valuable" — in an era of unlimited money printing, scarce assets are the best means of preserving value.

**Central Bank's "Hard Currency" War**

Interestingly, global central banks now treat gold as a strategic weapon against dollar risk, continuously increasing reserves. International organizations forecast that by 2026, central banks will continue to significantly increase their holdings, possibly reaching 950 tons. This institutional-level strategic layout signals should not be ignored.

**Practical Strategy**

In summary: deploy in advance before the crisis hits, don’t panic and sell during the mid-stage of the crisis, but instead look for bottom opportunities. Most people are caught off guard in the second phase and miss the main upward wave in the third phase. This cycle pattern is not only applicable to traditional assets; the crypto market’s performance under macro liquidity conditions often follows similar logic.