In the past few years, we have become accustomed to the rhythm of "when Bitcoin rises, luxury watches also rise," which has even become a default logic in the crypto space. However, this round of the bull market in 2025 is a bit different. The direction of crypto capital, market sentiment, and changes in the macro environment are all reshaping the entire crypto ecosystem.
Yesterday, I published an English article on @CryptoSlate discussing this interesting phenomenon. Although the original text is in English, I know that many users in the Chinese-speaking region are also concerned about this topic, so I specially organized a Chinese summary to discuss the differences in this cycle.
Do you remember back in 2021 when Bitcoin surged to an all-time high of $69,000? Many people's first reaction was to queue up to buy Rolex, Patek Philippe, or even a Lamborghini. Wealth came quickly back then, and people spent extravagantly; the price trends of Bitcoin and luxury watches were almost positively correlated. However, by 2025, despite BTC reaching new highs, the luxury goods market has not followed suit. According to WatchCharts data, the prices of high-end watches have been almost flat since the end of 2023. I call this phenomenon "decoupling of Bitcoin and luxury goods."
Why is this happening? I have observed a few trends:
1. The profile of investors has changed
The launch of ETFs has brought in a large amount of institutional funds. These new players are not here to speculate on memecoins or buy NFTs. They focus on allocation, risk management, and long-term planning. The usage behavior of products on our platform has also changed; users are no longer asking "What is the next skyrocketing coin?" but rather how to diversify risks between TradFi and Crypto.
2. Bitcoin is no longer a tool for flaunting wealth; it is a strategic asset
Nowadays, investors who make money are more likely to place their earnings into multi-signature wallets, buy nodes, or allocate ETFs, rather than rushing to buy watches or cars. Luxury goods still have their appeal, but the speculative bubble has been squeezed out, and the market is becoming more rational.
3. The macro environment is tightening, and liquidity is no longer abundant
Global central banks are still exploring interest rate policies, inflation pressures remain, and liquidity is tight. In this environment, people are more willing to buy assets that can retain value rather than engage in ostentatious consumption.
4. Bitcoin is increasingly resembling gold
Data shows that the correlation between Bitcoin and gold prices has significantly increased. When the stock market is unstable, gold rises, and Bitcoin also begins to show similar trends. This indicates that Bitcoin's role is shifting from a risk asset to a hedging tool.
I believe this is a healthy and mature change, representing that the crypto space must keep pace with the new rhythm. Besides trading, we also need to look to the future and build more compliant, secure, and long-term valuable financial infrastructure.
Original text 👇
