比特币、零售业和痛苦的交易：170 亿美元的教训

散户投资者在比特币代理交易中吸取了惨痛的教训，损失了数十亿美元。这是比特币、散户热情以及由此带来的痛苦交易的故事。

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

比特币、零售业和痛苦的交易：170 亿美元的教训

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.

比特币繁荣有一个阴暗面：散户投资者试图通过上市“数字资产库”公司获得间接投资，总共损失了 170 亿美元。这是对当热情战胜基本面时所涉及的风险的严厉提醒。

The Allure of Bitcoin Proxies

比特币代理的魅力

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.

这个想法很简单：购买持有比特币的公司的股票，而不是管理钱包或解决 ETF 效率低下的问题。像 Metaplanet 和 Strategy 这样的公司应运而生，承诺纯粹参与比特币的上涨。这似乎是一个天才之举，但事实并非如此。

When Premiums Meet Reality

当保费遇到现实

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 强调了一个致命缺陷：估值漂移。这些股票的交易价格非常高，有时比每股比特币净值高出 40-50%。在动量交易者和散户狂热的推动下，它不再是关于比特币的曝光，而是更多地关于人群心理。

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.

十月份的比特币调整放大了这个问题。这些国债不仅追随比特币的下跌，而且还追随比特币的下跌。他们暴跌。 Strategy 暴跌近 35%，Metaplanet 暴跌超过 50%，抹去了夏季收益。晚入市的散户投资者被压垮了。

The $17 Billion Miscalculation

170 亿美元的误算

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 月以来，专注于这些股票的零售投资组合已损失约 170 亿美元，主要影响的是美国、日本和欧洲未对冲的个人投资者。这不仅仅是账面损失；这是毁灭性的。

The Irony of Decentralization

权力下放的讽刺

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

具有讽刺意味的是，比特币被设计为金融看门人之外的一种自我主权资产，却让散户投资者回到了熟悉的领域：通过公开股票购买别人版本的比特币。这些代理的营销方式是