<p>宇智波鳴人，TechFlow</p>
<p>春節假期結束，比特幣悄然跌破 64,000 美元。</p>
<p>沒有崩盤，沒有黑天鵝事件，也沒有交易所或項目捲款潛逃；只是那種被慢慢侵蝕的感覺。</p>
<p>每天小幅下跌，一點一點，抹去了超過一萬億美元的市場價值，卻連一條像樣的新聞都沒有。</p>
<p>就在這時，2 月 21 日，彭博社發表了一篇題為《比特幣的萬億身份危機來自四面八方》的文章，得出了三個核心結論：黃金搶走了比特幣的宏觀對沖敍事，穩定幣搶走了支付敍事，預測市場搶走了投機敍事。</p>
<p>春節假期結束，比特幣悄然跌破 64,000 美元。</p>
<p>沒有崩盤，沒有黑天鵝事件，沒有交易所或項目捲款潛逃；只是那種被緩慢而痛苦的過程侵蝕的感覺。</p>
<p>此時，2 月 21 日，彭博社發表了一篇題為《比特幣的萬億身份危機來自四面八方》的文章，得出了三個核心結論：黃金搶走了比特幣的宏觀對沖敍事，穩定幣搶走了支付敍事，預測市場搶走了投機敍事。</p>
<p>春節假期結束，比特幣悄然跌破 64,000 美元。</p>
<p>沒有崩盤，沒有黑天鵝事件，沒有交易所或項目捲款潛逃；只是市場預測敍事搶走了投機敍事。</p>

CORZ

RIOT

BITF

<p>比特幣已跌破 64,000 美元，市值損失超過一萬億美元，而沒有任何重大新聞事件。彭博社的文章《比特幣的萬億美元身份危機來自各方》指出，黃金已經佔據了比特幣的宏觀對沖敍事，穩定幣則聲稱了支付敍事，而預測市場則取代了投機敍事。這一逐漸的下滑反映了比特幣在市場上感知價值和身份的緩慢侵蝕</p>

<p>Naruto Uchiha, TechFlow</p>
<div class="lb-trans"><p>宇智波鳴人，TechFlow</p>
</div><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p>
<div class="lb-trans"><p>春節假期結束，比特幣悄然跌破 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>沒有崩盤，沒有黑天鵝事件，也沒有交易所或項目捲款潛逃；只是那種被慢慢侵蝕的感覺。</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，一點一點，抹去了超過一萬億美元的市場價值，卻連一條像樣的新聞都沒有。</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>就在這時，2 月 21 日，彭博社發表了一篇題為《比特幣的萬億身份危機來自四面八方》的文章，得出了三個核心結論：黃金搶走了比特幣的宏觀對沖敍事，穩定幣搶走了支付敍事，預測市場搶走了投機敍事。</p>
</div><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p>
<div class="lb-trans"><p>春節假期結束，比特幣悄然跌破 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>沒有崩盤，沒有黑天鵝事件，沒有交易所或項目捲款潛逃；只是那種被緩慢而痛苦的過程侵蝕的感覺。</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>此時，2 月 21 日，彭博社發表了一篇題為《比特幣的萬億身份危機來自四面八方》的文章，得出了三個核心結論：黃金搶走了比特幣的宏觀對沖敍事，穩定幣搶走了支付敍事，預測市場搶走了投機敍事。</p>
</div><p>The Spring Festival holiday is over, and Bitcoin has quietly fallen below $64,000.</p>
<div class="lb-trans"><p>春節假期結束，比特幣悄然跌破 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>沒有崩盤，沒有黑天鵝事件，沒有交易所或項目捲款潛逃；只是市場預測敍事搶走了投機敍事。</p>
</div>

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

- 比特幣在春節假期後悄然跌破 $64,000。  
- 沒有崩盤或重大事件，市場價值減少超一萬億。  
- Bloomberg 指出黃金、穩定幣和預測市場影響比特幣敍事。

CoinLive

Core Scientific, Inc.

Riot Platforms

Bitfarms Canada

CleanSpark

Hut 8 Mining

American Bitcoin

Bakkt

Galaxy Digital

Coinbase

Marathon Digital

BTCS

銀河數碼

Grayscale Bitcoin Trust BTC - ETF

Invesco Galaxy Bitcoin ETF

Grayscale Bitcoin Adopters ETF

區塊鏈 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

納斯達克 NexGen 經濟 ETF - Reality Shares

Bitwise Bitcoin ETF

CoinShares Bitcoin ETF

Fidelity Wise Origin Bitcoin Fund - ETF

2 倍做多加密貨幣行業 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

比特幣是否面臨 “敍事危機”？彭博社的觀點是正確的，但僅僅對了一半