#加密市场观察 The story of Bitcoin as "digital gold" is facing unprecedented challenges.

Recently, its performance has lagged far behind gold and silver, showing no hedge value amid geopolitical tensions.
Institutions like Citigroup also pointed out that its so-called inflation hedge function is merely coincidental, with prices mainly supported by liquidity and risk appetite, having no lasting correlation with geopolitical situations or the US dollar trend.
A research report from JPMorgan shows that since early 2026, global funds have been flowing massively into stocks and precious metals markets, while the cryptocurrency market continues to face net outflows. Although prices have not experienced a crash-like decline, more investors are choosing to cut losses and exit.
Wang Yingbo, a digital economy scholar at the Shanghai Academy of Social Sciences, stated: "Computing power is the monetary standard of the digital age. Computing ability and energy have already become core production factors driving economic growth."

"However, computing power itself is too volatile and difficult to standardize, making it unable to directly serve as a measure of value."

Under high leverage, Bitcoin liquidations have collapsed like dominoes. A platform called Trust Wallet was hacked due to vulnerabilities, causing $7 million in real coins to vanish instantly.

Market analysts warn that Bitcoin is now deeply integrated into the global financial system, and its volatility is the result of a complex game between institutions, macro factors, and liquidity. The price has fallen from a high of $126,000 in October 2025 to a decline of over 30% to date.

Investors have found that when the market truly needs a safe haven, funds do not flow into "digital gold" Bitcoin, but into real gold.