#比特币流动性 Having entered Bitcoin at $126,000 at the beginning of the year, I thought I could sit back and relax, but by the end of the year, I found out—I've lost 8%. Currently, BTC is hovering around $87,000, while in early January it was still at $95,000. This wave of correction is truly painful.

Where is the so-called "digital gold"? Data tells us how brutal reality can be. According to statistics, the return rate since the first trading day of 2025: $BTC is -6%, gold has surged to 66.83%, and A-shares have also steadily increased by 20.23%. Playing with cryptocurrencies all year, making money seems like a luxury, while losses have become the norm.

Let's review the historical ledger. From 2015 to 2025, Bitcoin's performance has always been polarized—either the best performer or the worst. According to Bitcoin's 4-year cycle, 2017 and 2021 were bull years, but the subsequent bull-to-bear transition has been a nightmare. Interestingly, this year's bull market arrived early (peaking in early October) and also left quickly, returning to its original shape by the end of the year. If we follow historical patterns, next year might continue to be under pressure, so mental preparation is necessary.

But to say again, history is just a reference. The market value of gold has already reached $31.424 trillion, while Bitcoin is only $1.7 trillion—gold is 18 times the market cap of BTC, and this gap is widening. For a while, the difference was only 12 times, now it's about 1.5 times larger. Even more painful, Bitcoin's market cap has fallen to 8th place on the global asset rankings, and it is still overshadowed by silver, which has a market cap of $4 trillion.

Can Bitcoin truly become digital gold? Only time will tell. We are actually participating in a game with no end, only learning as we go. Don't delay taking profits to improve your life, and if you need to admit defeat, do so honestly—refining your investment approach in the next cycle is the right way forward.