#比特币相对表现与市场现象 Seeing this wave of asset differentiation discussion, I have to be honest — many people are still trading Bitcoin with 2017 mindset, but they haven't realized that the game rules for 2025 have already changed.

Bitcoin underperforming compared to US stocks and gold may seem like a price issue on the surface, but fundamentally it reflects the shift in opportunity costs of capital. Over the years, I've seen too many people hold onto Bitcoin while watching Nvidia double in value. This mentality is actually the most dangerous — not because they chose the wrong coin, but because they haven't recognized the essence of current capital flows.

The current situation is like this: the marginal returns generated by AI computing power temporarily surpass mining profits. Just look at the news about mining farms transforming into computing centers, and you'll understand — even those involved in crypto are switching industries. Meanwhile, gold is gaining strength, not because its price has surged significantly, but because geopolitical tensions are worsening and systemic risks are rising. Sovereign-level players need assets they can truly "hold onto" — gold can be stored in bunkers, while Bitcoin relies on networks and exchanges.

This is not to deny Bitcoin's long-term value, but to remind you: in the short term, it has been re-priced. This is a matter of time cost, not a wrong direction. But those who simply see the market as "coin price fluctuations" are often the ones cut off in this differentiation — chasing high US stocks, bottom-fishing gold, and ultimately driven out by FOMO-induced emotions.

My advice is simple: understand your risk tolerance and time horizon clearly. Don’t get jealous when others make money. Living long is a thousand times more important than making quick money.