<p>宇智波鸣人，TechFlow</p>
<p>春节假期结束，比特币悄然跌破 64,000 美元。</p>
<p>没有崩盘，没有黑天鹅事件，也没有交易所或项目卷款潜逃；只是那种被慢慢侵蚀的感觉。</p>
<p>每天小幅下跌，一点一点，抹去了超过一万亿美元的市场价值，却连一条像样的新闻都没有。</p>
<p>就在这时，2 月 21 日，彭博社发表了一篇题为《比特币的万亿身份危机来自四面八方》的文章，得出了三个核心结论：黄金抢走了比特币的宏观对冲叙事，稳定币抢走了支付叙事，预测市场抢走了投机叙事。</p>
<p>春节假期结束，比特币悄然跌破 64,000 美元。</p>
<p>没有崩盘，没有黑天鹅事件，没有交易所或项目卷款潜逃；只是那种被缓慢而痛苦的过程侵蚀的感觉。</p>
<p>此时，2 月 21 日，彭博社发表了一篇题为《比特币的万亿身份危机来自四面八方》的文章，得出了三个核心结论：黄金抢走了比特币的宏观对冲叙事，稳定币抢走了支付叙事，预测市场抢走了投机叙事。</p>
<p>春节假期结束，比特币悄然跌破 64,000 美元。</p>
<p>没有崩盘，没有黑天鹅事件，没有交易所或项目卷款潜逃；只是市场预测叙事抢走了投机叙事。</p>

CORZ

RIOT

BITF

<p>比特币已跌破 64,000 美元，市值损失超过一万亿美元，而没有任何重大新闻事件。彭博社的文章《比特币的万亿美元身份危机来自各方》指出，黄金已经占据了比特币的宏观对冲叙事，稳定币则声称了支付叙事，而预测市场则取代了投机叙事。这一逐渐的下滑反映了比特币在市场上感知价值和身份的缓慢侵蚀</p>

<p>Naruto Uchiha, TechFlow</p>
<div class="lb-trans"><p>宇智波鸣人，TechFlow</p>
</div><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p>
<div class="lb-trans"><p>春节假期结束，比特币悄然跌破 64,000 美元。</p>
</div><p>There was no crash, no black swan event, and no exchange or project absconding with the money; it was just that feeling of being slowly eroded.</p>
<div class="lb-trans"><p>没有崩盘，没有黑天鹅事件，也没有交易所或项目卷款潜逃；只是那种被慢慢侵蚀的感觉。</p>
</div><p>It dropped a little every day, a little every day, wiping out over a trillion dollars in market value, yet there wasn't even a decent news story.</p>
<div class="lb-trans"><p>每天小幅下跌，一点一点，抹去了超过一万亿美元的市场价值，却连一条像样的新闻都没有。</p>
</div><p>Just then, on February 21st, Bloomberg published an article titled &#34;Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides,&#34; with three core conclusions: Gold has stolen Bitcoin's narrative of macro hedging, stablecoins have stolen the narrative of payments, and prediction markets have stolen the narrative of speculation.</p>
<div class="lb-trans"><p>就在这时，2 月 21 日，彭博社发表了一篇题为《比特币的万亿身份危机来自四面八方》的文章，得出了三个核心结论：黄金抢走了比特币的宏观对冲叙事，稳定币抢走了支付叙事，预测市场抢走了投机叙事。</p>
</div><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p>
<div class="lb-trans"><p>春节假期结束，比特币悄然跌破 64,000 美元。</p>
</div><p>No crash, no black swan event, no exchange or project running away with the money; it's just that feeling of being slowly eroded by a slow, painful process.</p>
<div class="lb-trans"><p>没有崩盘，没有黑天鹅事件，没有交易所或项目卷款潜逃；只是那种被缓慢而痛苦的过程侵蚀的感觉。</p>
</div><p>At this time, on February 21st, Bloomberg published an article titled &#34;Bitcoin's Trillion-Dollar Identity Crisis Is Coming From All Sides,&#34; with three core conclusions: Gold has stolen Bitcoin's narrative of macro hedging, stablecoins have stolen the narrative of payments, and prediction markets have stolen the narrative of speculation.</p>
<div class="lb-trans"><p>此时，2 月 21 日，彭博社发表了一篇题为《比特币的万亿身份危机来自四面八方》的文章，得出了三个核心结论：黄金抢走了比特币的宏观对冲叙事，稳定币抢走了支付叙事，预测市场抢走了投机叙事。</p>
</div><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p>
<div class="lb-trans"><p>春节假期结束，比特币悄然跌破 64,000 美元。</p>
</div><p>No crash, no black swan event, no exchange or project running away with the money; it's just that the market prediction narrative has stolen the narrative of speculation.</p>
<div class="lb-trans"><p>没有崩盘，没有黑天鹅事件，没有交易所或项目卷款潜逃；只是市场预测叙事抢走了投机叙事。</p>
</div>

Bitcoin's "narrative crisis"? Bloomberg is right, but only half right.

- 比特币在春节假期后悄然跌破 $64,000。  
- 没有崩盘或重大事件，市场价值减少超一万亿。  
- Bloomberg 指出黄金、稳定币和预测市场影响比特币叙事。

CoinLive

Core Scientific, Inc.

Riot Platforms

Bitfarms Canada

CleanSpark

Hut 8 Mining

American Bitcoin

Bakkt

Galaxy Digital

Coinbase

Marathon Digital

BTCS

银河数码

Grayscale Bitcoin Trust BTC - ETF

Invesco Galaxy Bitcoin ETF

Grayscale Bitcoin Adopters ETF

区块链 ETF - Amplify

Bitwise MARA Option Income Strategy ETF

2 倍做多 Coinbase ETF - Leverage Shares

2 倍做空 COIN ETF - GraniteShares

Bitwise Crypto Innovators ETF

Global X Blockchain ETF

WisdomTree Bitcoin Fund

纳斯达克 NexGen 经济 ETF - Reality Shares

Bitwise Bitcoin ETF

CoinShares Bitcoin ETF

Fidelity Wise Origin Bitcoin Fund - ETF

2 倍做多加密货币行业 ETF - Direxion

Leverage Shares 2x Cpd Acclrtd MSTRMnETF

2 倍做多 MARA ETF - GraniteShares

Grayscale Solana Staking ETF

2 倍做多 MSTR ETF - T-Rex

Leverage Shares 2X Long GLXY Daily ETF

2 倍做多 COIN ETF - GraniteShares

Valkyrie Bitcoin Miners ETF

2 倍做空 MSTR ETF - T-Rex

iShares Bitcoin Trust ETF

VanEck Bitcoin ETF

2 倍做多 MSTR ETF - Defiance

ARK 21Shares Bitcoin ETF

Roundhill MSTR WeeklyPay ETF

比特币是否面临 “叙事危机”？彭博社的观点是正确的，但仅仅对了一半