#比特币波动性 Why does the price of $BTC always feel like a roller coaster?

Let's first talk about the supply side. The cap of 21 million coins is hard-coded, and the new coin production becomes slower with each halving. The supply is rigid to the extreme, and any slight fluctuation in demand puts pressure on the price. Unlike fiat currency, where central banks can print money to adjust, there is simply no buffer for Bitcoin.

Looking at the demand side, this is the real variable. "Digital gold", "hedge against inflation", "store of value"—these stories sound nice, but to put it bluntly, they are all about market sentiment holding up the scene. Once interest rates change or inflation data is released, the persuasiveness of the narrative will also change. When the story is hot, funds flood in; when doubts arise, selling pressure is relentless.

What is the most critical issue? It lacks the "anchor" that traditional assets have. Stocks have companies behind them making profits and dividends, while bonds have interest income guarantees. What about Bitcoin? There is no cash flow, no profit report; the price completely depends on whether people believe in it and are willing to buy it. An asset that relies purely on consensus for support is bound to be volatile.

Ultimately, the combination of fixed supply + emotion-driven demand + lack of value anchoring has contributed to the high volatility nature of Bitcoin.