比特币在 2025 年多次新高，但拉长到 10 年对比，一个尴尬的事实出现了：今年的 BTC，跑输了黄金、美股，甚至不如不少传统资产。
价格在创新高，体感却在变差，这可能是今年币圈最真实的情绪之一。
当 BTC 不再是默认的“年度最优解”，加密正在从高成长资产，变成一个被反复比较、被严格定价的风险资产。
也许这就是 2025年加密行业真正需要面对的问题：
我们是在熬阵痛，还是正在告别那个“只要参与就有回报”的时代？
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