今年是贵金属的牛市，白银继续暴涨，看到马斯克昨天出来说：“这不好，白银在许多工业过程中是被需要的。”
标普500涨了18%，英伟达涨了40%，黄金涨了70%，白银涨了150%。比特币原地踏步。

This is not good. Silver is needed in many industrial processes.

Elon Musk

Twitter

This year has been a bull market for precious metals, with silver continuing its surge. Elon Musk commented yesterday, "This is bad; silver is needed in many industrial processes." The S&P 500 rose 18%, Nvidia rose 40%, gold rose 70%, and silver rose 150%. Bitcoin remained stagnant.

The Pi Network community is raising the alarm about a new scam that has emerged, resulting in millions of Pi Token being stolen from users' wallets.
This scam exploits the payment request feature...

Pi Network has temporarily suspended payment requests after being scammed out of 4.4 million Pi coins.

A business backed by football star David Beckham has unexpectedly abandoned plans to expand its Bitcoin holdings, despite having recently successfully raised tens of millions of dollars with the goal of building a...

David Beckham-backed company abandons plans to buy Bitcoin.

The charts speak for themselves, and market sentiment has shifted accordingly. As 2025 draws to a close, we must face reality: Bitcoin has officially entered a bear market.

For months, traders and analysts have debated whether the price action was merely a consolidation phase or a deeper correction. Now, confirmation signals have arrived, not only in price but also in on-chain data, reversals in capital flows, and the convergence of fragmented market structures. While the term "bear market" often triggers panic, understanding the mechanisms behind this downturn is the first step to navigating this difficult period successfully.

This in-depth analysis will break down the factors defining the current landscape at the end of 2025...