You look at the candlestick chart and can never truly understand the essence of this matter. Frankly, this is not a financial issue; it’s a physical competition surrounding energy and productivity.

Let me break down the harsh reality for you:

**Where Has the Hash Power Gone**

A few years ago, Bitcoin was the most efficient "electricity→money" converter globally. Now, this position has been taken over by AI. AI is performing the "electricity→computing power→value" conversion, with returns far higher than simple hash collision mining. Look at what mining companies are doing now—selling ASIC miners and shifting into the GPU graphics card market. When new productivity emerges, capital always follows. Bitcoin’s current cold reception is actually the market making the most rational choice.

**The Hedging Logic Has Reversed**

Last year, people still said Bitcoin was the ultimate safe-haven asset. But this year, with global geopolitical chaos, institutions suddenly discovered a loophole: Bitcoin needs the internet. If the world truly faces a physical crisis, only tangible assets—gold—are the real guarantee. No matter how secure the code is, a power outage turns it into a string of useless digits. The rise in gold prices reflects this "doomsday insurance" mentality.

**Wall Street Has Reshaped Bitcoin**

Since the approval of spot ETFs, Bitcoin has become much more subdued. It has evolved from a wild speculative asset into a high-tech asset constrained by risk control models, dancing to the Federal Reserve’s rhythm. The reckless surge regardless of market conditions has been completely smoothed out by institutional investors’ regulated operations.

**What Are We Waiting For**

Bitcoin today is not in decline; it’s accumulating strength. Once the story of AI gets old, and the global safe-haven demand is exhausted, the market will reevaluate this "long-term king." By then, a new wave of capital flow might occur.