It's not that the bull market has ended, but rather that the main trend has shifted and BTC is temporarily underperforming compared to gold.

It is important to emphasize that the relative weakness of Bitcoin against gold does not mean the cryptocurrency market has completely ended, but rather that there has been a phase shift in the main trend. Currently, the market's main trend is "safe-haven" and "certainty," not "high growth" and "high elasticity." In this context, gold naturally has an advantage, while Bitcoin is at a disadvantage.

From an asset allocation perspective, smart money typically allocates to gold first, then waits for liquidity to improve before flowing back into risk assets. Therefore, the weakness of BTC/Gold is more like a "cooling-off period" within a bull market, rather than a sign of an ending. The issue is not whether one is optimistic about Bitcoin, but whether the timing has been chosen correctly.

For ordinary traders, accepting that Bitcoin temporarily underperforms gold is more important than blindly sticking to beliefs. True opportunities often arise at the moment when gold peaks and the BTC/Gold ratio stops falling and begins to rebound. Before that, patience, capital management, and cyclical alignment are the biggest sources of Alpha. #比特币相对黄金进入深度弱势