#比特币ETF产品 After reading this retrospective article, I have some new thoughts I want to share with everyone.

Many people see Bitcoin underperforming US stocks and gold in 2025, and their first reaction is "digital currency is cooling off." But from a different perspective, this is actually a process of energy reallocation—and it’s quite interesting.

**The core logic is this:** The current global excess liquidity is facing a multiple-choice question. The productivity growth curve generated by AI chip training is steeper than the story of "digital scarcity," so capital is short-term flowing into tech giants. Meanwhile, escalating geopolitical tensions make tangible assets like gold—"can be held in hand"—more attractive again. It doesn’t require a network, doesn’t depend on any clearing system, and is the hardest in extreme situations.

**But this is not the end, just a phase.** Institutional funds brought in by Bitcoin spot ETFs have stabilized the fundamentals but also smoothed out volatility. This "taming" is a double-edged sword—long-term benefit, short-term constraints. But don’t forget, when AI marginal efficiency begins to decline and liquidity overflows, Bitcoin’s role as a cross-cycle liquidity value carrier will shine again.

This is not Bitcoin being discredited, but being re-priced. It is using time to accumulate potential, waiting for the next scale shift to arrive.

The big story of Web3 is far from over; only the narrative focus is shifting. Just wait and see.