行情数据显示，比特币于2024年12月31日收于93714.04美元。进入2025年后，在美国大选后政策预期、机构资金涌入及ETF获批等多重利好推动下，价格迅 速攀升。10月6日，比特币创下126198美元的历史新高，较年初低点上涨逾31%。然而，仅四天后，美国总统特朗普意外发表关于加征关税的言论，引发全 球金融市场剧烈波动，风险资产集体回调，比特币亦由此开启下行通道。 比特币价格在11月16日盘中一度跌破93714美元，正式失守2024年末收盘价水平。这一关键价位的失守意味着自2025年年初以来比特币曾实现的超过30%的 累计涨幅已被完全抹去。11月17日截至发稿前，比特币价格一度跌至93000美元附近。截至发稿前，在95000美元附近震荡，但市场情绪持续低迷，技术面与 资金面均显疲态。 从126198美元高点回落至今，比特币累计跌幅已超过25%，不仅回吐年内全部涨幅，还短暂跌破上年年底收盘位，进入技术性熊市区间。 机构参与度的减弱成为本轮下跌的核心驱动力之一。彭博数据显示，2025年全年，美国比特币现货ETF累计吸引资金流入超过250亿美元，推动相关产品总 资产管理规模升至约1690亿美元。这些资金曾被视 ...

Core Insights - Bitcoin and the entire digital asset space are becoming an irreversible part of the global mainstream financial landscape, moving beyond the concept of "electronic cash" to a new type of asset characterized by counter-cyclicality, high volatility, and scarcity [1][3] Group 1: Bitcoin's Value Proposition - The core value of Bitcoin lies in its ability to act as a "reverse hedge" against the traditional financial system's inflationary pressures caused by central banks' money printing [3][4] - Bitcoin's absolute scarcity, capped at 21 million coins, makes it an ideal tool against global central bank monetary expansion and inflation, earning it the title of "digital gold" [5] Group 2: Investment Strategies - Ordinary investors should view digital assets, particularly Bitcoin and Ethereum, as a high-elasticity "overweight gold" rather than a primary asset due to their significant volatility [4] - Recommended asset allocation for digital assets is between 1% to 5% of total assets, treated as "risk capital" that would not impact core life and wealth goals if lost [5] - A long-term holding and dollar-cost averaging (DCA) strategy is advised to mitigate high volatility risks, avoiding short-term speculative trading [5] - Investors should focus on established digital assets like Bitcoin and Ethereum, avoiding the majority of emerging "altcoins" that may ultimately fail [5] Group 3: Future of Blockchain Technology - Blockchain technology represents the foundational infrastructure for the future of finance and the internet, with opportunities in decentralized finance (DeFi) and Web3 [6][7] - DeFi is reshaping lending, trading, and asset management, enhancing efficiency and reducing costs [7] - Blockchain enables secure and transparent ownership and transactions of digital assets, leading to the emergence of new industries such as NFTs and the metaverse economy [7]