比特币破12.5万美元！不是泡沫，是全球信任重构的信号？

Core Insights - Bitcoin reached a historical high of $125,689 on October 5, 2025, sparking mixed reactions in the market, with some viewing it as "digital gold" while others see it as another bubble [1] - The current surge is driven by institutional investments rather than retail speculation, with multiple Bitcoin spot ETFs experiencing consistent net inflows [3] - The macroeconomic environment, including potential government shutdowns and rising uncertainty around the US dollar, is prompting investors to seek alternatives like Bitcoin for hedging [3] Institutional Investment Trends - Unlike the retail-driven market of 2021, the current Bitcoin rally is characterized by significant institutional buying, indicating a shift in asset allocation strategies [3] - Major financial institutions are incorporating Bitcoin into their asset allocation models, reflecting a structural change in how Bitcoin is perceived as an alternative asset [5] Regulatory and Technological Landscape - China's stance on cryptocurrencies is clear: it avoids speculative trading but focuses on underlying technology, such as the digital yuan, which is being gradually rolled out [5] - The trust mechanism in traditional finance is under scrutiny due to high debt levels and persistent inflation, leading to increased interest in decentralized alternatives like Bitcoin [5][7] Market Dynamics and Future Outlook - The driving force behind Bitcoin's adoption is often practical rather than ideological, with investors focused on its ability to hedge against risks and outperform inflation [7] - The existence of Bitcoin has altered the default settings of the financial system, providing a psychological reference point for market participants [7] - The potential for Bitcoin to reach $125,000 is seen as a midpoint rather than a final destination, with ongoing developments in institutional adoption and regulatory frameworks likely to influence its trajectory [9]