2/ 比特币还是数字黄金吗？
近期黄金不断创新高，美股也涨，而比特币却跌跌不休
但 Messari 认为市场已经认可了比特币的货币属性， 更将其推至全球第九大最有价值资产的位置，市值达 81 万亿美元
再回到加密货币市场，BTC.D 的占比从 36.6% 增长到 57.3%（包括稳定币），足以证明比特币的统治地位

Twitter

2/ Is Bitcoin Still Digital Gold?

Gold has recently hit new highs, and US stocks have also risen, while Bitcoin has been falling continuously.

However, Messari believes the market has recognized Bitcoin's monetary attributes, even propelling it to the ninth most valuable asset globally, with a market capitalization of $81 trillion.

Returning to the cryptocurrency market, BTC.D's share has increased from 36.6% to 57.3% (including stablecoins), demonstrating Bitcoin's dominant position.

In the crypto world, what truly determines victory is never code, but the interplay between liquidity, power, and regulation. The rise and fall of BUSD is not merely a tragic tale of a stablecoin, but a financial war waged by exchanges attempting to "unify the world."

When BUSD was thrust onto the historical stage, it carried not only a compliance narrative, but also Binance's ambition to reshape the stablecoin order through coercive measures—by manipulating exchange rates and merging trading pairs, directly swallowing competitors' liquidity into its own ledger.

The "automatic conversion" of 2022 was a textbook example of a blitzkrieg; and 2023...

The Rise and Fall of Binance's Dominance: From BUSD's "Unification" to $U's "Conquering the World"—The Stablecoin Wars

Source: Galaxy Research; Translation: Jinse Finance xz
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakthrough after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged margin calls, and massive...

Galaxy: 26 Predictions for the Crypto Market in 2026

According to ME News, on December 20th (UTC+8), Sean Farrell, Head of Crypto Strategy at Tom Lee's Fundstrat, stated in his "2026 Crypto Outlook" report, "While I believe Bitcoin and the overall crypto market still have strong long-term upside potential, and liquidity-driven support is expected to emerge in 2026, we may still need to digest some risks in the first/second quarter of 2026, which could present more attractive entry points."