온체인 데이터가 외친다: 비트코인 12만 달러 돌파 임박

블록체인 데이터가 비트코인의 역사적 상승을 예고하고 있다—전통 금융 애널리스트들은 여전히 차트만 들여다보는 동안.

기술적 신호들

온체인 지표들이 명확한 메시지를 보내고 있다—누적 거래량과 지갑 활동이 전례 없는 수준으로 치솟으며 강세 장세의 물꼬를 트고 있다. 주요 지원 수준들은 연이어 돌파되면서 12만 달러라는 심리적 저항선을 향한 돌격을 예고 중이다.

시장 심리와 현실

암호화폐 시장은 전통 자산군과의 상관관계를 깨며 독자적인 행보를 이어가고 있다—월가의 예측은 계속해서 틀려왔지만, 블록체인 데이터는 거짓말을 하지 않는다. 기관들의 축적 패턴이 가속화되면서 유동성 공급이 본격화될 조짐이다.

역사적 관점에서

비트코인은 매번 회의론자들을 틀려증명해왔다—이번에도 다르지 않을 것이다. 기술적 분석과 기본적 분석이 하나의 목소리를 내는 흔치 않은 순간, 시장은 이미 다음 목표치를 향해 움직이고 있다. 전통 금융권이 규제 논의에만 매달리는 사이, 디지털 자산 시장은 또 한 번의 패러다임 전환을 준비 중이다.

Image source: Getty Images.

Best-performing stocks over the last 10 years

Stocks are listed in order of descending 10-year performance.

Data sources: Yahoo! Finance, finviz, and YCharts. P/E = price-to-earnings ratio. EPS = earnings per share. YTD = year to date. Data to Sept. 26, 2025.

1. Nvidia: 31,161% return over a decade

Nvidia's graphics processing units (GPUs) are considered the Gold standard for training artificial intelligence (AI) models and deploying AI applications. As such, the company's revenue and earnings growth have exploded upward since the advent of generative AI about three years ago. Generative AI has greatly expanded the potential use cases for AI.

In its fiscal second quarter, Nvidia's revenue soared 56% year over year to $46.7 billion. Growth was driven by a 56% surge in AI-driven data center revenue to $41.1 billion, which was 88% of total revenue. The data center sells GPUs and other compute products, along with high-performance networking products. The gaming, professional visualization, and auto platforms grew revenue 49%, 32%, and 69%, respectively.

The quarter's adjusted net income jumped 52% to $25.8 billion, translating to a 54% leap in earnings per share (EPS) to $1.05. These fantastic results were achieved despite Nvidia not selling any H20 data center AI chips to China because the U.S. government's export controls spanned the entire quarter.

2. Advanced Micro Devices (AMD): 9,225% return over a decade

AMD competes with Nvidia in the discrete GPU market. It trails Nvidia considerably in the AI-driven data center GPU market -- which it just entered a couple of years ago -- and trails Nvidia moderately in the gaming GPU market. Along with GPUs, AMD also makes central processing units (CPUs), withbeing its major competitor.

In its second quarter, AMD's revenue grew 32% year over year to $7.69 billion. By segment, revenue growth was data center, 14% to $3.2 billion; client, 67% to $2.5 billion; gaming, 73% to $1.1 billion; and embedded, negative 4% to $824 million.

Data center growth was significantly hurt by AMD being unable to sell AI-enabling MI308 GPUs to China due to the U.S. export controls. For context, in the first quarter, data center revenue jumped 57% year over year.

Moreover, AMD's profit was also hurt by the export controls, as it took inventory and related charges of about $800 million. Its adjusted net income was $781 million, with EPS of $0.48, down 30% year over year.

The China situation and AMD's scaling up of its data center GPU business, which currently sports a lower profit margin than its more established overall business, will likely weigh on the company's earnings growth for some time. That said, with demand for GPUs so powerful and the wait for Nvidia's GPUs sometimes extended, AMD's longer-term picture looks bright.

3. Arista Networks: 3,489% return over a decade

Arista is a leader in cloud networking solutions for large data centers and enterprise campuses. Specifically, it sells hardware, including high-performance Ethernet switches and routers, and software for monitoring and control of the network. The rapid adoption of AI is boosting demand for Arista's products.

In the second quarter, Arista's revenue increased 30% year over year to $2.2 billion. Product revenue grew 32% to $1.9 billion, and software and service revenue ROSE 23% to $328 million. Adjusted net income jumped 37% to $923.5 million, translating to EPS rising 38% to $0.73.

4. Broadcom: 3,356% return over a decade

Broadcom makes semiconductors and infrastructure software. Its strong recent growth is being driven by robust demand for its products for AI data centers, including custom AI chips and Ethernet networking products, and its November 2024 acquisition of software Maker VMware.

The custom AI chips are application-specific integrated circuits (ASICs) for large tech companies that have designed their own AI chips. These are for internal use and, in some cases, for availability in their cloud computing services.

In its fiscal third quarter (ended Aug. 3), Broadcom's revenue grew 22% to $16.0 billion. AI-related revenue is growing like gangbusters. In the quarter, it grew 63% year over year to $5.2 billion, accounting for 33% of revenue. Adjusted net income surged 37% year over year to $8.4 billion, which translated to EPS rising 36% to $1.69.

5. Axon Enterprise: 2,906% return over a decade

Axon develops weapons and related technology products for the law enforcement, military, and consumer markets. The company makes Tasers, which are electroshock weapons that incapacitate the target; body-worn cameras; and other hardware and software products.

In the second quarter, Axon's revenue grew 33% year over year to $669 million, of which $292 million was recurring software and services revenue. Growth was driven by strong adoption of premium software and robust demand for Taser 10, Axon Body 4 body camera, and counter-drone equipment. Adjusted net income soared 83% year over year to $174 million, translating to EPS surging 74% to $2.12.