Bitcoin's price chart looks just like a patient's ECG, and recently, this line has been showing increasing instability. The long-promoted "digital gold" persona is undergoing an unprecedented test.

Just look at MicroStrategy's situation. Their once-strong stance of "buy and hold only" and "never sell" now appears pale in the face of real debt interest. It's like those drunkards in bars who swear "I'll love you forever"—they become completely sober the moment they see the bill.

Data more clearly illustrates the issue. Over the past six months, Bitcoin has fallen 16%, and despite some rebound, the decline remains at 11%. Meanwhile, gold has risen 24%. These two lines are moving in completely opposite directions. Last year, gold increased by nearly 60%, while Bitcoin, despite a 390% rise over the past five years, has recently performed so poorly that these gains are overshadowed.

Where is the problem? The market always comes up with stories—profit-taking, Federal Reserve attitude shifts, energy consumption issues. But the root problem is quite stubborn: Bitcoin doesn't generate any cash flow at all. It is a completely non-productive asset, and that cannot be denied.

When Bitcoin's mining costs approach its current price, its rationality becomes increasingly hard to justify. It's like someone whose monthly expenses nearly equal their salary—no matter how much they get paid, it's useless.

What’s even more heartbreaking is that those who once loudly proclaimed "never sell" are now possibly forced to liquidate to pay off debts. Faith often crumbles in the face of survival.