Cryptocurrency investors have faced a tough year in 2025, with returns lagging behind traditional markets such as A-shares and gold. Despite Bitcoin reaching a record high of $120,000, the overall crypto market has struggled with declining trading volumes and a lack of compelling narratives. In contrast, China's A-share market has experienced a significant bull run, with 28 out of 31 industry sectors seeing gains and over 80% of stocks posting positive returns. The Hang Seng Index also rose nearly 29%, buoyed by strong performances from tech giants like Alibaba and Tencent. Additionally, gold prices increased by over 58%, and meme stocks such as OpenDoor and Beyond Meat achieved substantial short-term gains. This trend reflects a broader shift in capital towards traditional assets amid macroeconomic stability and tighter crypto regulations.