#比特币现货ETF After reviewing the asset landscape in 2025, I have to say something heartfelt: Bitcoin has underperformed compared to gold and US stocks, and the underlying logic behind this is much more interesting than mere price fluctuations.

Over the past few years, I’ve seen too many people chasing highs and lows, but few truly understand where capital is flowing and why. Currently, AI computing power is competing for the electricity quotas that once belonged to Bitcoin mining farms. Think about it—those Bitcoin mines converted into AI computing centers are the best proof. Capital is always profit-driven; the marginal difference in electricity costs can determine the flow of funds in an era.

But there’s an even more painful issue: Bitcoin spot ETFs have domesticated this beast. Once integrated into traditional asset allocation, it’s now constrained by risk control models, its volatility smoothed out, its explosive potential suppressed. It’s now like a high-beta tech stock. The reason gold has outperformed is essentially because geopolitical tensions have pushed sovereign players toward “atomic-level certainty”—gold can be held in hand, not relying on any network, which provides a fundamental sense of security in the face of systemic risks.

Bitcoin hasn’t been disproven; it’s just been re-priced. Now, it bears the cost of time rather than direction. Only when AI’s marginal efficiency declines and liquidity spills over will it return to its true role—serving as a cross-cycle liquidity carrier. The question is, how many people can patiently wait for the next scale change within a low-volatility range?