#比特币ETF产品 Recently, many people have been asking why Bitcoin has underperformed compared to gold and US stocks this year. Honestly, that's a good question because it touches on the most easily overlooked essence of asset allocation.

Behind price movements is the flow of energy. Last year, the core driver of the US stock market was not traditional inflation expectations, but the productivity explosion brought by AI. Every kilowatt-hour used in data centers training large models generated short-term economic value that indeed exceeded the returns from hash collision mining. Capital is sensitive; it flows toward higher returns. Have you noticed that many Bitcoin mining farms are transforming into AI computing centers? This is no coincidence.

The strength of gold reflects another concern—rising geopolitical uncertainty. When the system faces potential physical risks, people seek certainty that they can hold in hand, independent of the internet. At such times, atom-level assets often outperform code consensus.

But this doesn't mean Bitcoin has been discredited; rather, it is being re-priced. It temporarily yields to the productivity singularity and geopolitical defense needs, bearing the cost of time rather than direction.

What is our takeaway? In such an environment, the approach to asset allocation needs adjustment. Don't put all your eggs in one basket, and don't be swayed by short-term relative performance. Diversification, regular review, and patience—these fundamentals never go out of style in any market environment. In the long run, true wealth comes from understanding the big picture and respecting risk.