A recent article I came across is definitely worth pondering.

The traditional bull market script has completely failed after Bitcoin gradually became mainstream. Just look at the data — large-scale institutional deployment, the opening of traditional financial channels, the listing of payment companies, and political figures expressing support — these have all been high-beta signals in previous cycles. But what’s the result? Volatility has actually collapsed, and it’s become very cold.

Even more ironic is that BTC’s performance in 2025 has actually underperformed gold, the US stock market, and the A-share market — traditional assets. This is not just a simple market correction but a shift in the entire expectation framework. From high speculation to asset allocation, from retail-driven to institutional pricing, the underlying logic of the market is changing.