#加密市场观察 The recent crash of Bitcoin further clarifies its current mainstream financial attributes: it is more akin to a high-risk technology asset sensitive to liquidity rather than pure "digital gold."

Therefore, when market risk aversion rises, funds flow into real gold, while Bitcoin often declines in tandem with tech stocks; conversely, when gold experiences a sharp drop due to "profit-taking," market anxiety spreads, also leading to a decline in Bitcoin prices.
Over the past year, the Bitcoin market has exhibited a complex "maturation pain."
In October 2025, Bitcoin hit a record high—$126,000. But ongoing volatility and declines caused Bitcoin to plummet over $30,000 in just three months. To date, Bitcoin has fallen by 20.45% over the past year. CoinGlass, valuing Bitcoin in terms of gold with greater purchasing power, shows that Bitcoin's value has significantly retreated from its peak at the end of 2024. This divergence indicates that while the market is accepting Bitcoin, it is also recalibrating its positioning. Notably, the market structure of Bitcoin is undergoing profound changes. The introduction of spot Bitcoin ETFs has brought in new capital but also made its price movements more susceptible to traditional macro sentiment. Meanwhile, long-term holders have shifted large positions, and ETF capital flows have become a key supporting force.
Recently, escalating international turmoil, policy shifts, and divergent market sentiments have led to continued volatility in the cryptocurrency market.
There are deep disagreements among different groups regarding Bitcoin's future development. On one hand, some analysts worry that Bitcoin may face a deeper correction; on the other hand, industry professionals point out that the long-term bullish logic of Bitcoin still exists and is worth recognizing. However, these are topics for later discussion. We will continue to monitor the Bitcoin market.
What is certain is that Bitcoin has now deeply integrated into the global financial system, and its volatility results from the interplay of institutional, macro, and liquidity forces. For investors, understanding its high-risk asset nature and complex correlations may be more important than predicting short-term rises and falls.