比特幣、零售業和痛苦的交易：170 億美元的教訓

散戶投資者在比特幣代理交易中吸取了慘痛的教訓，損失了數十億美元。這是比特幣、散戶熱情以及由此帶來的痛苦交易的故事。

Bitcoin, Retail, and the Pain Trade: A $17 Billion Lesson

比特幣、零售業和痛苦的交易：170 億美元的教訓

The Bitcoin boom has a dark side: retail investors collectively lost $17 billion trying to gain indirect exposure through listed “digital asset treasury” companies. It's a harsh reminder of the risks involved when enthusiasm trumps fundamentals.

比特幣繁榮有一個陰暗面：散戶投資者試圖通過上市“數字資產庫”公司獲得間接投資，總共損失了 170 億美元。這是對當熱情戰勝基本面時所涉及的風險的嚴厲提醒。

The Allure of Bitcoin Proxies

比特幣代理的魅力

The idea was simple: buy shares in companies holding Bitcoin instead of managing wallets or navigating ETF inefficiencies. Firms like Metaplanet and Strategy emerged, promising pure-play exposure to Bitcoin's upside. It seemed like a genius move, until it wasn't.

這個想法很簡單：購買持有比特幣的公司的股票，而不是管理錢包或解決 ETF 效率低下的問題。像 Metaplanet 和 Strategy 這樣的公司應運而生，承諾純粹參與比特幣的上漲。這似乎是一個天才之舉，但事實並非如此。

When Premiums Meet Reality

當保費遇到現實

10X Research highlighted a fatal flaw: valuation drift. These stocks traded at insane premiums, sometimes 40-50% above their net Bitcoin per-share value. Fueled by momentum traders and retail frenzy, it became less about Bitcoin exposure and more about crowd psychology.

10X Research 強調了一個致命缺陷：估值漂移。這些股票的交易價格非常高，有時比每股比特幣淨值高出 40-50%。在動量交易者和散戶狂熱的推動下，它不再是關於比特幣的曝光，而是更多地關於人群心理。

October's Bitcoin correction magnified the problem. These treasuries didn't just follow Bitcoin down; they plummeted. Strategy tanked nearly 35%, and Metaplanet nosedived over 50%, wiping out summer gains. Retail investors who jumped in late were crushed.

十月份的比特幣調整放大了這個問題。這些國債不僅追隨比特幣的下跌，而且還追隨比特幣的下跌。他們暴跌。 Strategy 暴跌近 35%，Metaplanet 暴跌超過 50%，抹去了夏季收益。晚入市的散戶投資者被壓垮了。

The $17 Billion Miscalculation

170 億美元的誤算

Since August, retail portfolios focused on these equities have lost roughly $17 billion, primarily impacting unhedged individual investors in the U.S., Japan, and Europe. This wasn't just a paper loss; it was devastating.

自 8 月以來，專注於這些股票的零售投資組合已損失約 170 億美元，主要影響的是美國、日本和歐洲未對沖的個人投資者。這不僅僅是賬面損失；這是毀滅性的。

The Irony of Decentralization

權力下放的諷刺

Bitcoin, designed to be a self-sovereign asset outside financial gatekeepers, ironically led retail investors back to familiar territory: buying someone else's version of Bitcoin through public equities. These proxies, marketed with

具有諷刺意味的是，比特幣被設計為金融看門人之外的一種自我主權資產，卻讓散戶投資者回到了熟悉的領域：通過公開股票購買別人版本的比特幣。這些代理的營銷方式是