跟跌不跟涨！比特币险守8万美元关口，“数字黄金”神话遇冷

Core Viewpoint - The recent significant decline in cryptocurrency prices, particularly Bitcoin and Ethereum, raises questions about the narrative of Bitcoin as "digital gold" and highlights the increasing risks associated with high leverage and lack of regulation in the crypto market [2][3][4]. Market Performance - Bitcoin's price dropped to a low of $81,000, with a maximum decline of over 7% within 24 hours, while Ethereum fell from $2,970 to $2,670, marking a 10% drop [2][3]. - The total liquidation amount in the past 24 hours exceeded $1.7 billion, affecting over 270,000 traders globally [4]. Influencing Factors - The decline in cryptocurrency prices is attributed to tightening liquidity, increasing regulatory scrutiny, institutional exits, and panic among investors [3][4]. - Geopolitical uncertainties, particularly statements from Iranian officials regarding U.S. actions, have contributed to market volatility [4]. Investment Trends - Major investors are reallocating their portfolios, with Jefferies' Christopher Wood removing Bitcoin from his long-term investment strategy, reallocating half to physical gold and the other half to gold mining stocks [5]. - Bitcoin ETFs have seen significant net outflows, exceeding $2 billion, while traditional stock ETFs are experiencing record inflows [6]. Mining and Network Performance - Bitcoin's network has seen a decline in hash rate, dropping over 15% from its historical peak, leading to many miners facing shutdown conditions due to high operational costs [6]. - The average daily block reward income for Bitcoin miners is projected to reach a historical low of $38,700 per EH/s by December 2025 [6]. Comparison with Gold - The price of gold has reached historical highs, contrasting sharply with Bitcoin's performance, which has retreated approximately 33% from its previous highs [7]. - The divergence in performance between Bitcoin and gold reflects their differing roles as assets, with gold serving as a stable reserve asset and Bitcoin being more speculative and influenced by market sentiment [8].