Watching BTC reach new highs again and again, yet feeling an inexplicable sense of loss. Extending the time frame to 10 years (2015-2025), a heart-wrenching reality presents itself — this year's Bitcoin actually lost to gold, US stocks, and even many traditional assets have performed more impressively.

The price is breaking records, but the feeling is getting worse. This is probably the most ironic sentiment in the crypto world this year - making money but not feeling excited.

Once upon a time, Bitcoin was synonymous with "just participate and get rewards", widely recognized as the best solution of the year. But now? It has become a risk asset that is repeatedly compared and precisely priced by the market. The status has changed, and so has the logic.

This is the real question the cryptocurrency industry should ask itself in 2025—are we just enduring a painful transition, or have we completely bid farewell to the era where we could surge based on mere imagination?