#比特币宏观资产属性 The year 2025 really turned the entire market upside down😤 Starting from the $1.4 billion theft at Bybit at the beginning of the year, to Bitcoin soaring to $125,000 in October and then crashing instantly, triggering a $19 billion liquidation wave... This is not stable assets at all, but rather high-beta macro risk assets!

The most incredible part is that even traditional economic news like tariff conflicts can directly crash the crypto market, indicating that Bitcoin has now been integrated into the global risk asset cycle. But from another perspective, stablecoins have already upgraded to financial infrastructure, and the SEC has opened a fast lane for ETPs, which means institutional entry hasn't reached its ceiling🔥

Operational risk, custody risk, ETP capital, and high leverage resonance... Volatility hasn't disappeared at all; instead, it has been amplified due to expanded access. So now, playing in this market requires not only watching for opportunities of rapid price increases but also constantly being alert to systemic reflexivity risks that could suddenly cause a crash. 2025 has given us the most profound lesson: macro cycles can cause earthquakes, but structural integration is also opening up new imaginative spaces💯