Darius Sit of QCP Capital believes that Bitcoin's recent underperformance compared to gold is more due to short-term position liquidations rather than its long-term outlook. He pointed out that the "deleveraging event" on October 10 vividly exposed the liquidity gap between Bitcoin and altcoins, highlighting the structural risks faced by crypto exchanges in handling credit and socialized losses, thereby undermining market confidence. Although Bitcoin still maintains its status as a long-term hedge and collateral, the broader altcoin market faces structural discounts related to exchange governance and counterparty confidence.