避行狀態的戰鬥：黃金與比特幣

隨著新聞造成全市崩潰的原因，比特幣也下降了6％，低至81,488美元。

President Trump will be announcing and implementing tariffs against 25 countries on April 2, which he has called Liberation Day. These tariffs will change the structure of global trade, as the tariffed countries will likely implement their own countermeasures. The Trump administration has even stated that it might impose heavier tariffs on some countries, escalating even more.

特朗普總統將於4月2日對25個國家 /地區宣布並實施關稅，他稱這是解放日。這些關稅將改變全球貿易的結構，因為受關稅的國家可能會實施自己的對策。特朗普政府甚至表示，它可能會對某些國家徵收更大的關稅，甚至更多地升級。

As this news came out over the weekend, the risk markets, such as crypto and stocks, fell. S&P 500 dropped 3.5% and the Nasdaq 100 saw a 5% decrease in value. Meanwhile, gold surged 4%, marking an all-time high of $3,150 per ounce.

隨著這個消息在周末發布，加密貨幣和股票等風險市場下降了。標普500下降了3.5％，納斯達克100降低了價值5％。同時，黃金飆升了4％，標誌著每盎司3,150美元的歷史最高點。

Gold vs. Bitcoin: The Battle for Safe-Haven Status

黃金與比特幣：為避行狀態的戰鬥

As the news caused a market-wide crash, Bitcoin also saw a 6% decrease, going as low as $81,488. As such, this showed that BTC could not yet be used as a hedge against economic crisis. This ignited the discussions about BTC’s value and reliability, as many questioned whether it is better to buy Bitcoin or gold. Although Bitcoin is not yet a reliable hedge, it has a dynamic nature and is still subject to progress. Until recent years, no country would have used this digital asset as a reserve.

隨著新聞造成全市崩潰的原因，比特幣也下降了6％，低至81,488美元。因此，這表明BTC尚不能用作抵抗經濟危機的對沖。這點了有關BTC的價值和可靠性的討論，因為許多人質疑購買比特幣還是黃金是更好的。儘管比特幣還不是可靠的樹籬，但它具有動態的性質，並且仍在進步。直到近年來，任何國家都會將該數字資產用作儲備。

However, gold is currently one of the best investments as it has recorded higher growth than the S&P 500. This stock bundle has seen a 5% decrease since the start of the year, while gold has seen a 17% increase. However, this is heavily affected by the US economy, as its consumer sentiment has fallen 20 points. This puts the current US consumer sentiment at a level close to the data recorded in 2008. Additionally, as the threat of a global trade war becomes more acute, investors have poured significant capital into gold ETFs.

但是，黃金目前是最佳投資之一，因為它的增長率高於標準普爾500指數。自今年年初以來，該股票捆綁包下降了5％，而黃金增長了17％。但是，這受到美國經濟的嚴重影響，因為其消費者情緒下降了20分。這使當前的美國消費者情緒處於接近2008年記錄的數據的水平。此外，隨著全球貿易戰的威脅變得更加敏銳，投資者將大量資本投入了黃金ETF中。

Graph 1 – Provided by Bloomberg, published on TradingView, April 1, 2025

圖1 - 由彭博（Bloomberg

As highlighted in Graph 1, the gold ETFs have experienced over $12 billion of capital inflows. Based on the reports, this extraordinary development breaks a 5-year record. This is because 2020 marks the last time such a significant amount of capital was injected into the gold funds. Additionally, based on the Matrixport data, the short-term price movement of Bitcoin is still largely shaped by macroeconomic factors. This is because the price movement of BlackRock’s spot Bitcoin ETF has a 70% correlation with the Nasdaq 100’s price movement.

正如圖1中強調的那樣，黃金ETF經歷了超過120億美元的資本流入。根據報告，這種非凡的發展打破了5年的記錄。這是因為2020年是最後一次注入黃金基金的資本。此外，根據基質港數據，比特幣的短期價格轉移仍然在很大程度上受宏觀經濟因素的影響。這是因為貝萊德比特幣ETF的價格轉移與納斯達​​克100的價格變動有70％的相關性。

A $114.5B Drop: Are Bitcoin ETPs Still Just Hype?

$ 114.5B的下降：比特幣ETP是否只是炒作？

If we analyse the Bitcoin ETF data more in detail, we can see the exact correlation. For instance, March 28 marks the date that both stocks and Bitcoin ETFs fell. After these products experienced a week of inflows, they saw a $93 million exodus on this day. Bitcoin ETP’s asset

如果我們更詳細地分析比特幣ETF數據，則可以看到確切的相關性。例如，3月28日標誌著股票和比特幣ETF的日期。在這些產品經歷了一周的流入之後，他們今天看到了9300萬美元的出埃及記。比特幣ETP的資產