#BTC资金流动性 Does Bitcoin really worth 88343.5 USDT?

From a few dollars soaring to nearly $90,000, this continuously rising curve is indeed eye-catching. But looking closely at the underlying logic, it is somewhat heartbreaking—$BTC has no support from the real economy, does not generate real cash flow, and has no widespread practical applications. What is the driving force behind the ever-increasing price? To put it bluntly, it's simply "the next bag holder will come."

The profits gained by early participants essentially come from the funds invested by later entrants. The money made earlier is inevitably the tuition paid by those who come in later. This logic is strikingly similar to a Ponzi structure—robbing Peter to pay Paul, in a never-ending cycle. Look at those steep increases, and then look at the historical recurring crashes, from the highs of 2017 to the halving in 2018, and then to the plunge in 2022; every time, there are a group of people who get trapped.

The market has a practical issue: liquidity is controlled by a few large funds and major holders. Retail investors basically have no say and can only follow the trend. Concepts like scarcity and decentralization sound impressive, but in reality, they are more about packaging narratives—after all, without regulatory frameworks, price trends can easily be influenced by big players. In the end, this game tests not analytical ability, but who can exit unscathed before the bubble bursts. $ETH also faces a similar logic, so you need to figure out clearly: are you investing or gambling?