In the trading landscape of 2025, some are joyful, some are sorrowful.

At the beginning of the year, buying Bitcoin at $95,000 and holding until the end of the year when it dropped to $87,000 results in an -8% loss on paper. The most regretful part is missing the peak of $126,000; at that time, there was no decisive take-profit. Looking back now, it's all just regrets.

I checked the annual performance data of major assets—Bitcoin lost 6%, gold directly showed a 66.83% increase, and even A-shares achieved a 20.23% return. These comparison figures are painful, but they indeed reflect the true picture of the market this year. In the crypto world, most players lost money this year.

Looking ahead at Bitcoin's ten-year temperament, its performance is extremely polarized—either the best in the market or at the bottom. Everyone says the four-year cycle theory is correct; the bull markets in 2017 and 2021 are clear evidence. According to conventional logic, the first year of a bear market is a sharp correction, and the following two years gradually recover.

But 2025 is defying expectations—early October still saw high points, then it suddenly fell into a bear trap, ending the year in negative territory. If we project based on historical patterns, next year might be even tougher, so everyone should be mentally prepared.

That said, history is always just a reference. Overly relying on past trends is no different from trying to carve a boat with a broken sword.

Looking at the market cap game, Bitcoin once narrowed the gap with gold to 12 times, but now it has widened again to an 18-fold difference—gold's market cap exceeds $31 trillion, while Bitcoin is only $1.7 trillion, even being overshadowed by silver's $4 trillion market cap, which has dropped it to the 8th position in the global asset rankings.

The so-called "digital gold" label still needs time to prove itself.

Ultimately, we are engaged in a long-term game with no end point; wins and losses are just nodes along the way. When it's time to take profits and improve life, be decisive and cash out. When facing losses, accept and review calmly. Adjust your mindset, and continue to push forward in the next cycle.