#比特币ETF产品 The emergence of Bitcoin ETFs is essentially domestication, putting this wild beast into the cage of traditional finance. 🔒 Volatility has been smoothed out, and its explosive power has died down. Now it’s just a high-beta tech index, swinging up and down with the Federal Reserve’s interest rate policies.

This is the real reason it underperforms compared to US stocks and gold — it’s not a technical problem, but a shift in capital preferences. Silicon-based computing power in AI is competing for global electricity quotas; the revenue from training large models temporarily outperforms hash collisions, and even Bitcoin mining farms are being converted into AI computing centers. This is a thermodynamic game; capital always flows to the place with the highest marginal returns. 🔥

As for gold? Geopolitical entropy is increasing, and sovereign-level players need atomic-level certainty, independent of any network or clearing system. Holding it in hand, or hiding it in a cave, allows for sleep — this is the ultimate hedge against system collapse. No matter how much Bitcoin is hyped, it still relies on internet infrastructure.

But this doesn’t mean Bitcoin has been falsified; it’s just being re-priced, temporarily making way for other assets. When AI’s marginal efficiency declines and liquidity continues to spill over, it will return as a cross-cycle store of liquidity value. Time cost vs. directional cost — now we’re just waiting for that phase transition moment.⏳