# Digital Gold的所有文章

在 HTX 新闻中心浏览与「Digital Gold」相关的最新资讯与深度分析。潘盖市场趋势、项目动态、技术进展及监管政策，提供权威的加密行业洞察。

S&P Dow Jones and Pantera Launch Crypto Index, Excluding Bitcoin for "Not Making Money"

S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a benchmark that excludes Bitcoin and meme coins like XRP. The index adopts a fundamental screening framework inspired by the S&P 500, requiring constituent tokens to demonstrate positive protocol revenue over multiple quarters, verified by on-chain data, and a clear mechanism for distributing value to token holders. This "financial viability" test is cited as the reason for Bitcoin's exclusion, as it does not generate protocol revenue. The index currently includes 18 assets, with Ethereum (ETH), BNB, Solana (SOL), Tron (TRX), and Hyperliquid (HYPE) as its top five holdings. While initially serving as a benchmark, discussions are underway with asset managers to develop associated ETFs and investment products. Pantera argues the index addresses an institutional product gap, offering a way to evaluate crypto assets based on utility and earnings rather than just market capitalization.

marsbit07/22 08:01

S&P Dow Jones and Pantera Launch Crypto Index, Excluding Bitcoin for "Not Making Money"

marsbit07/22 08:01

Has the 'Digital Gold' Narrative for BTC Failed?

**Title: Has the "Digital Gold" Narrative for Bitcoin Failed?** The article argues that Bitcoin's "digital gold" narrative remains valid despite a recent sharp price decline (from a peak near $126k in Oct 2025 to briefly under $61k in Feb 2026). It presents a long-term investment framework based on three core points: **1. Viewing Bitcoin as an Asset:** Bitcoin is presented as a superior potential store of value compared to gold. Key arguments are its absolute scarcity (21 million cap), superior portability, and transparent auditability via its public ledger. While acknowledging its current use in early, volatile stages (~3-4% global adoption), the author draws parallels to the early, disruptive phases of the internet and e-commerce. **2. Understanding the Recent Downturn:** The current ~50% correction is framed as a predictable, consensus-driven cycle following its post-halving peak (the 2024 halving preceded the Oct 2025 high). A crucial factor is a historic "changing of hands": the influx of new institutional buyers via ETFs allowed early, low-cost holders (miners, OG believers) to take profits. The author notes that while severe, Bitcoin's historical drawdowns (e.g., 93% in 2011, 77% in 2021-22) have been progressively smaller, suggesting maturing holder structure and decreasing volatility over time. **3. The Long-Term Perspective:** The long-term thesis hinges on Bitcoin capturing a portion of gold's market value. With Bitcoin's market cap at ~$1.4 trillion (at $70k) versus gold's ~$20 trillion, significant upside potential exists if the "digital gold" narrative is partially realized. However, the author strongly cautions that short-term risks remain, the bottom is unpredictable, and high volatility is inherent. The real risk is not Bitcoin failing but poor personal position management (over-leverage, wrong capital) and a lack of deep understanding, which can force investors out during severe downturns. The conclusion uses Amazon's 95% crash post-2000 dot-com bubble and subsequent 42x recovery as an analogy. The ultimate question is not if Bitcoin's price will rise, but if an investor's strategy and conviction can withstand the volatility to see the long-term play out. The recent divergence (gold up, Bitcoin down) is posed not as a narrative failure, but as potential evidence of this ongoing, painful transition from a speculative asset to a mainstream allocation.

marsbit06/07 13:35

Has the 'Digital Gold' Narrative for BTC Failed?

marsbit06/07 13:35

Has BTC's 'Digital Gold' Narrative Failed?

The article discusses Bitcoin's "digital gold" narrative, its recent price drop, and long-term outlook through the perspective of "Jason". It argues the narrative is not a failure but that Bitcoin represents a superior, new asset class due to its fixed supply (21 million), portability, and auditability. The piece compares its current ~3-4% global adoption rate to early internet/e-commerce, suggesting significant growth potential. Regarding the 2025-2026 price decline (from ~$126k to briefly under $61k), the author views it as a predictable, consensus-driven sell-off within Bitcoin's ~4-year cycle post-halving, exacerbated by a major "handover" from early, low-cost holders to new institutional buyers via ETFs. A key observation is that historical peak-to-trough drawdowns have lessened over time (e.g., 93% in 2011 to ~50% in 2026), indicating maturing volatility as holder structure changes. For the long term, the author uses a simple framework: Bitcoin's total market cap (~$1.4T at $70k) is only about 7% of gold's (~$20T). Even capturing 30-50% of gold's value would imply substantial upside. However, the article strongly cautions against viewing this as investment advice, emphasizing extreme volatility and the critical importance of risk management, position sizing, and deep fundamental understanding to survive severe drawdowns. It concludes by drawing a parallel to Amazon's 95% crash in 2000 and subsequent 42x recovery, stressing that the key is surviving market cycles to realize long-term potential.

链捕手06/07 13:25

Has BTC's 'Digital Gold' Narrative Failed?

链捕手06/07 13:25

Variant: Bitcoin, Ethereum, and ZCash Highly Likely to Become Major Stores of Value

At Variant, our investment philosophy centers on enabling individuals to own their money, identity, and data. We believe all tokens fall into two categories: stores of value (SOV) or equity-like instruments. The SOV framework is particularly useful for evaluating Layer 1 (L1) blockchains, which are major monetary coordination protocols. A good store of value should possess: 1) Technical durability, 2) Scarcity, 3) Censorship resistance, 4) Economic productivity, 5) Strong memetics, and 6) Liquidity. The total addressable market for SOV assets is massive, with gold alone valued at $31 trillion. Three L1 assets stand out as prime candidates for becoming major stores of value: Bitcoin (BTC), Ethereum (ETH), and ZCash (ZEC). Bitcoin excels in memetic dominance as "digital gold." Ethereum demonstrates superior technical durability and adaptability through its upgradeable roadmap. ZCash offers exceptional censorship resistance and privacy via its shielded transactions. While digital SOVs outperform traditional ones like gold on many metrics, they still represent a small fraction of the overall SOV market, presenting a significant growth opportunity.

marsbit06/03 00:48

Variant: Bitcoin, Ethereum, and ZCash Highly Likely to Become Major Stores of Value

marsbit06/03 00:48

Hedge by Buying Gold and Oil, Chase Soaring Returns with AI. ‘Dated’ Bitcoin Enters a Bear Market

Bitcoin has recently declined, hitting a two-month low near $66,123, while Ethereum fell to a three-month low around $1,837. Analysts suggest the drop is not merely due to factors like ETF outflows or MicroStrategy's selling but reflects a deeper issue: Bitcoin is losing a broader asset competition. In a near-zero interest rate environment, Bitcoin previously thrived as an outlet for investor dissatisfaction with inflation and limited options. However, the market landscape has shifted. Bitcoin now occupies an "awkward middle ground," facing competition on three fronts. For inflation hedging, investors prefer gold, energy stocks, and commodity producers—assets with tangible backing and clearer pricing power. For growth exposure, AI-related companies with actual revenues and profits are more attractive. Even within crypto, investors can choose stablecoins, exchanges, or infrastructure firms tied directly to adoption, offering clearer business models and leverage. Thus, Bitcoin is no longer the top choice for hedging, growth, or crypto exposure. This shift is evident in market reactions: despite recent warnings about persistent inflation from a Fed official, Bitcoin did not rally as it might have in the past. Instead, capital flowed to assets with direct commodity or energy exposure. The recent ETF outflows and MicroStrategy sales are symptoms, not causes, of this new reality. Investors are becoming more selective, demanding clearer value propositions beyond mere scarcity. The emerging bear case for Bitcoin is not about it being a bubble or failed technology, but that scarcity alone is no longer sufficient.

华尔街日报06/03 00:40

Hedge by Buying Gold and Oil, Chase Soaring Returns with AI. ‘Dated’ Bitcoin Enters a Bear Market

华尔街日报06/03 00:40

Variant: Three L1 Assets Most Likely to Become Major Stores of Value

The core thesis of this article from Variant is that first-layer blockchain (L1) assets can be effectively analyzed as value stores (SOV). A good SOV is defined by several key traits: technological durability, scarcity, censorship resistance, economic productivity, strong memetics, and liquidity. The total addressable market for SOV assets is massive, exemplified by gold's $31 trillion market cap. The article identifies three L1 assets with high potential to become primary SOVs, each excelling in different dimensions. Bitcoin (BTC) dominates in memetic strength and widespread belief as "digital gold." Ethereum (ETH) stands out for its technological durability and adaptability, evidenced by its ability to upgrade and navigate significant challenges. ZCash (ZEC) excels in censorship resistance and privacy via its shielded pool feature, offering a long-term path for asset protection. The author concludes that despite these digital assets possessing superior fundamentals in many aspects compared to traditional SOVs like gold, they still represent a small fraction of the total SOV market, presenting a significant opportunity.

marsbit06/02 05:19

Variant: Three L1 Assets Most Likely to Become Major Stores of Value

marsbit06/02 05:19

Variant: Three L1 Assets That Could Become Primary Stores of Value

The core belief at Variant is that individuals should own their money, identity, and data. A key framework for evaluating first-layer blockchain (L1) networks is viewing their native tokens as potential stores of value (SOV). A good SOV asset is defined by several key attributes: technical durability (its likelihood to exist and function in 5-10 years), scarcity and predictable inflation, censorship resistance, economic productivity (its utility in facilitating economic activity), memetic strength (widespread social consensus on its value), and liquidity. Based on this framework, three L1 assets are highlighted as leading contenders for becoming major SOVs, each excelling in different dimensions: * **Bitcoin (BTC)** is dominant in memetic strength, widely recognized as "digital gold." Its growing belief network among individuals and institutions reinforces its SOV status. * **Ethereum (ETH)** excels in technical durability and adaptability. Its ability to upgrade and a transparent roadmap provide confidence in its long-term resilience against future challenges. * **Zcash (ZEC)** offers superior censorship resistance and privacy through its shielded pools. This provides individuals with a long-term option to protect assets from confiscation or surveillance. The total market for SOV assets like gold is immense (gold's market cap is ~$31T). Despite often surpassing traditional SOVs on these fundamental metrics, digital assets currently capture only a small fraction of this market, representing a significant opportunity for growth. The article posits that multiple digital SOVs can coexist in this expanding space.

链捕手06/02 05:13

Variant: Three L1 Assets That Could Become Primary Stores of Value

链捕手06/02 05:13

The End of the 'Bitcoin Hoarding Myth': MicroStrategy Sells BTC for the First Time in 3 Years

The article discusses the significant move by MicroStrategy, often dubbed the "Bitcoin whale," which sold 32 BTC at an average price of $77,135 last week, marking its first sale in three years. This action, primarily to service obligations on its STRC digital credit product, has impacted market sentiment, contributing to a BTC price drop below $71,000 and declines in related crypto stocks. While the sale was small relative to its total holdings of over 843,706 BTC (with a cost basis of ~$75,699), it symbolically challenges the firm's long-standing "HODL" strategy and the broader "digital gold" narrative for Bitcoin. The piece also highlights a related event on the Polymarket prediction platform, where a contract on the sale was settled as "no" due to the lack of an official statement, underscoring how such markets trade on defined rules rather than absolute facts. Furthermore, it notes growing skepticism from figures like Mark Cuban and Peter Schiff regarding Bitcoin's role as a hedge, suggesting a potential shift in investor perception amid current market pressures.

Odaily星球日报06/02 04:07

The End of the 'Bitcoin Hoarding Myth': MicroStrategy Sells BTC for the First Time in 3 Years

Odaily星球日报06/02 04:07

Why Has Bitcoin Risen Against the Trend Amid Turmoil?

Title: Why Bitcoin Defies Market Turmoil and Rises Against the Odds? Amidst the recent Iran conflict, Bitcoin demonstrated unexpected strength, rising 12% while traditional risk assets like the S&P 500 fell 1% and gold dropped 10%. This challenges the conventional view of Bitcoin is a risk-on asset. Matt Hougan, Bitwise CIO, argues that Bitcoin’s surge is not due to ignorance of geopolitical tensions or long-term money printing expectations, but is directly driven by the conflict itself. Hougan proposes a dual-investment thesis for Bitcoin: it acts both as a "digital gold" competing in the $38 trillion store-of-value market, and as a speculative bet on becoming a genuine global currency. While the first narrative has dominated the past five years, the second—once a distant possibility—is gaining relevance as global financial systems become increasingly weaponized. The 2022 SWIFT sanctions against Russia marked a turning point, prompting nations to explore alternative financial networks. Iran’s recent move to demand Bitcoin payments for shipping tolls in the Strait of Hormuz exemplifies this shift. Such developments increase the probability of Bitcoin being used as a neutral, apolitical settlement medium and amplify global monetary system volatility. This dual role suggests Bitcoin’s potential market extends beyond gold’s $38 trillion valuation. Its pricing is now influenced not only by liquidity or tech stock trends but also by growing uncertainties in the international financial architecture. As geopolitical friction elevates Bitcoin’s monetary attributes, its upside potential may be significantly revalued.

marsbit04/15 20:31

Why Has Bitcoin Risen Against the Trend Amid Turmoil?

marsbit04/15 20:31

Dialogue with Bloomberg ETF Analyst: Why Bitcoin ETF Holders Did Not Sell During the 50% Plunge

In a recent interview on Coin Stories, Bloomberg Intelligence Senior ETF Analyst James Seyffart discussed the resilience of Bitcoin ETF holders, who largely held their positions despite a 50% price drop, contrary to expectations of panic selling. Seyffart noted that while there was a $9 billion outflow from Bitcoin ETFs starting October 10, it was minor compared to the $250-300 billion inflows prior, and outflows have since reversed by $20-25 billion. He attributed this "diamond hands" behavior to educated investors who understand Bitcoin’s volatility and typically allocate only a small portion (e.g., 1-5%) of their portfolios, leading to rebalancing rather than selling during dips. The conversation also covered the entry of major institutions like Morgan Stanley, which is launching its own Bitcoin ETF, leveraging its vast client assets. Seyffart highlighted the growing efficiency of ETFs, with physical redemptions now allowed, potentially enabling direct Bitcoin transfers to holders in the future. However, he expressed concern over the concentration of Bitcoin custody with Coinbase. Additionally, Seyffart discussed the inverse flow trends between Bitcoin and Gold ETFs recently, with Bitcoin acting more like a risk-on growth asset. He remains optimistic about Bitcoin ETFs eventually surpassing Gold ETFs in size due to Bitcoin’s diverse use cases. Finally, he emphasized the importance of diversification in the current volatile market, where traditional hedges have largely failed, and cash.

marsbit04/05 03:43

Dialogue with Bloomberg ETF Analyst: Why Bitcoin ETF Holders Did Not Sell During the 50% Plunge

marsbit04/05 03:43

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