The comparison in 2025 is already striking: BTC has fallen by -6% this year, while gold has increased by 66.83%, US stocks by 21.51%, and A-shares by 20.23%. These traditional assets take turns stepping onto the stage, while BTC continues to repeatedly hit new highs. The feeling it gives is—you're sprinting desperately on a treadmill, and the guy next door riding a shared bike actually overtakes you, then turns back and says: "Kid, don’t go too hard, you might hurt your knees."

Behind this contrast actually reflects a deep structural change in the crypto market. Bitcoin is gradually evolving from the "default best asset of the year" to "a tool used for benchmarking against all risk assets." The previous market narrative was straightforward—participation meant you could enjoy the dividends of the times; now the logic has changed, and the market is beginning to ask a piercing question: what justifies this price, what is the reason?

As capital cares more about hard indicators like interest rates, liquidity conditions, and risk premiums, BTC’s valuation becomes less loose. When it rises, it has the elasticity of tech stocks; when it falls, it exhibits the temper of tech stocks—volatility has been standardized.

Comparing to 2024 reveals more clues. That year, BTC surged by 135%, a typical "risk appetite return + narrative explosion" market; but the rhythm of 2025 is completely different—repeated tugging at high levels, with emotions fluctuating back and forth. This situation usually indicates that the market is doing two key things:

First, squeezing out overly optimistic parts. You might think this is a routine correction, but essentially, the market is giving leveraged investors a "reality lesson."

Second, pricing power is shifting from stories and narratives to hard factors like cash flow, practical applications, and regulatory expectations. Those who can truly generate incremental value deserve the premium; conversely, no matter how appealing the story, it can only become history.