#比特币价格走势 Bitcoin's performance this year is indeed worth analyzing. After reviewing this report, several signals are quite clear:

**Energy Arbitrage Level**: AI data centers are competing for global electricity quotas, and the economic added value per unit of electricity currently exceeds mining profits. This is not a disproof of Bitcoin, but rather a re-pricing of marginal returns—can be verified by observing mining pool flows and data on mining farm renovations.

**Asset Attribute Differentiation**: It is very obvious. Gold remains strong amid increasing geopolitical entropy because it does not rely on network infrastructure and offers atomic-level certainty. Although Bitcoin is called digital gold, it is highly dependent on the internet and liquidity channels, which lowers its attractiveness in systemic risk expectations.

**ETF Domestication Effect**: It must also be acknowledged—spot ETFs bring long-term capital, but simultaneously smooth out volatility, transforming Bitcoin into a high-beta tech asset, losing its independence. Coupled with the Federal Reserve maintaining high interest rates for a long time, such long-tail assets are naturally suppressed.

The key issue is opportunity cost. When AI shows nonlinear growth potential, assets that do not generate cash flow will see their attractiveness diminish. This is not a matter of direction but of time cost. Continued tracking of large inflow data and the holdings movements of sovereign-level buyers can provide clearer signals when marginal productivity declines.