Although the technical architecture of $BTC is not as flexible as that of smart contract public chains, its ten years of uninterrupted operation, the scarcity of 21 million coins, and the global node network create an unreplicable moat. The Trump administration designated BTC as a core reserve not only because of its market position but also because its technological maturity meets the stability requirements of national asset reserves. In contrast, public chains like SOL and ADA still face uncertainties from ecological competition and technological iteration, while XRP is under long-term pressure due to regulatory lawsuits. From the left-side trading perspective, BTC's technical moat reduces the 'project zero-risk'; even in short-term horizontal trading, its network effect can still attract long-term capital accumulation, while the narratives of altcoins may lead to severe price fluctuations and increased average cost of replenishment. #加密市场回调