4 月 27 日，Capriole Investments 创始人 Charles Edwards 表示，自 2024 年 4 月减半事件以来，比特币的能源价值已达到 13 万美元。相较于当前成交价格，比特币的交易价格较其内在价值大幅折让 40%。
「能源价值」是一种模型，旨在衡量比特币的「公允价值」与全世界矿工机器生产比特币所用能源量的函数关系。

<div><p>4 月 27 日，Capriole Investments 创始人 Charles Edwards 表示，自 2024 年 4 月减半事件以来，比特币的能源价值已达到 13 万美元。相较于当前成交价格，比特币的交易价格较其内在价值大幅折让 40%。</p><p>「能源价值」是一种模型，旨在衡量比特币的「公允价值」与全世界矿工机器生产比特币所用能源量的函数关系。</p></div>

观点：比特币的交易价格较其内在价值大幅折让40%

On April 27, Capriole Investments founder Charles Edwards stated that since the April 2024 halving event, Bitcoin's energy value has reached $130,000. Compared to the current trading price, Bitcoin is trading at a significant 40% discount to its intrinsic value.

"Energy value" is a model designed to measure the relationship between Bitcoin's "fair value" and the energy consumed by mining machines worldwide in producing Bitcoin.

<div><p>On April 27, Capriole Investments founder Charles Edwards stated that since the April 2024 halving event, Bitcoin's energy value has reached $130,000. Compared to the current trading price, Bitcoin is trading at a 40% discount to its intrinsic value.</p><p>"Energy value" is a model designed to measure Bitcoin's "fair value" as a function of the energy used by miners' machines worldwide to produce Bitcoin.</p></div>

Opinion: Bitcoin trades at a 40% discount to its intrinsic value

Are prediction markets simply well-packaged gambling, or a revolutionary innovation?

The debate seems to have strayed from the core issue.

This article, originally written by @0xJeff and translated and personally interpreted by @anymose, retains only the general meaning; for the original flavor, please refer to the original text.

01 When Risk is Packaged as Entertainment
The US is sliding into the abyss of "hyper-gambling": The market is flooded with sports betting apps optimized for teenagers, one-click prediction markets, and even absurd apps that use coin tosses to decide whether to double rent… Risk is blatantly packaged as entertainment, a sad reality.

Gambling has existed since ancient times:...

What are gamblers thinking?

The recent market has been truly stagnant, with frequent fluctuations and erratic price swings, effectively eroding liquidity and leaving no clear direction.

Let's summarize what the top analysts are saying: During this period, resting is better than frequent trading. Maintaining your understanding is key; inaction is the best strategy.

Current Market Situation: High-Level Consolidation and "Washout"

- Current Market Situation: BTC is currently consolidating in the 85k-90k range, characterized by frequent "V-shaped" price swings (rapid up-and-down V-shaped reversals). Essentially, this is the main players clearing out high-leverage contracts and reaping profits from short-term traders.

- Supply and Demand Structure: Sellers are showing strength...

Market Overview | BTC

The crypto market is heading into the final weekend of 2025, and before the new year begins, there are still opportunities for altcoins to grow further.

Leading the way is Pippin (PIPPIN), the following three altcoins are very promising...