"Is the halo of 'digital gold' fading? The comparison data for 2025 has many coin holders feeling uneasy.👇

Let's start with two sets of data, which are quite embarrassing:

Currently, 1 Bitcoin cannot be exchanged for 20 ounces of gold, whereas at the beginning of the year, it could be exchanged for 38 ounces, a direct halving. The exchange ratio of BTC to gold has fallen by 50% over the year. Looking at silver, since May, it has shrunk by nearly 70%. The once-promoted 'digital gold' has been sharply downgraded to 'digital silver.'

Although it's better than the ice-cold point in 2022 (1BTC ≈ 9 ounces of gold), the speed of this decline is indeed concerning. Behind this is actually a tug-of-war between traditional assets and crypto assets.

**The 'turnaround' of traditional assets is no joke**—global economic and geopolitical risks are rising, and hard currencies like gold are becoming more popular. Central banks are also voting with their feet; 95% of surveyed central banks plan to continue buying gold next year, marking 15 consecutive years of net purchases. As for silver, driven by industrial demand from the three major sectors of photovoltaics, new energy vehicles, and AI data centers, demand now accounts for 65%, and the global shortfall in 2025 is expected to reach nearly 3,000 tons.

⚡**The crypto market is in a 'cooling-off' phase**—after the Bitcoin frenzy, we are now in a stage of re-pricing valuations. Cheap money days are over globally, holding costs have increased, and with regulatory uncertainties and application scenarios stuck, capital is starting to flow into safer assets. The management scale of spot Bitcoin ETFs has fallen from $152 billion to $112 billion, and long-term holders are selling off BTC, with over 500,000 coins being dumped.

🧐**But this is not simply a win or lose situation**. The ratio fluctuations between BTC and gold, silver act like a thermometer of market sentiment, swinging back and forth between 'steady old assets' and 'volatile new assets.'

Once again, this validates a truth: there are no eternal winners, only choices that meet the needs of the times. When traditional assets are re-priced based on scarcity and real demand, new forces seek opportunities in cycles. Do you believe in enduring stability, or do you bet on future uncertainties?

The market's answer lies in the next turning point. What about you?