#比特币价格走势 When I saw this data, I have to admit, the alarm bells in my heart haven't stopped ringing.

Bitcoin hitting a new low in Q4 2025 since 2018 is a signal with a much more complex underlying logic than just a simple price decline. The most heartbreaking part is—I’ve seen too many old hands getting caught off guard here.

In summary, there are three main issues: First, AI has completely changed the flow of global capital. The electricity and funds that once flowed into Bitcoin mining farms are now pouring into NVIDIA data centers. This is not an emotional preference but a cold capital choice—the marginal returns from using each kilowatt of electricity for large model training temporarily surpass hash collisions. I’ve even seen cases where mining farms directly switch to AI computing power. Second, the strong resurgence of gold exposes a harsh truth: when geopolitical risks escalate and systemic uncertainties increase, the story of Bitcoin’s "code consensus" starts to look a bit pale. Gold can be held in hand or stored in caves, but Bitcoin remains tied to internet infrastructure—this can be fatal in extreme scenarios. Third, while the proliferation of spot ETFs has brought legitimacy, it has also completely "tamed" this wild beast, flattening volatility and diluting its appeal.

This is not invalidation but a re-pricing. In the short term, expecting Bitcoin’s explosive power to return requires very harsh conditions—either a significant drop in AI’s marginal efficiency or a liquidity crisis forcing funds to seek new safe havens. Until then, it’s just accumulating over time, not betting on a direction. It’s a long journey, but one must be cautious enough to survive.