比特幣突破新高度，將其相對黃金的比率推至創紀錄水平

隨著機構在年底繼續湧入數位資產，比特幣的程式碼將其最大供應量限制為 2,100 萬個代幣。

Bitcoin’s record-breaking rally this week has seen its ratio against gold hit new highs as institutions continue to pile into the digital asset ahead of the year-end.

隨著機構在年底前繼續湧入數位資產，比特幣本週破紀錄的漲勢使其與黃金的比率創下新高。

The ratio, which measures how many ounces of gold one Bitcoin can buy, hit an unprecedented 37.3 on Monday, indicating that one Bitcoin can now buy around 37 ounces of gold—a new historic high.

該比率衡量一個比特幣可以購買多少盎司黃金，週一觸及史無前例的 37.3，這表明一個比特幣現在可以購買約 37 盎司黃金，創下歷史新高。

The reading is now around half a point higher than the peak seen during the height of crypto’s last bull run in November 2021 at 36.7.

目前該讀數比 2021 年 11 月加密貨幣上一次牛市高峰期間的峰值 36.7 高出約半個點。

“Hitting a new high signals the continued adoption and maturation of Bitcoin as an asset class,” Sidney Powell, CEO and co-founder of institutional capital marketplace Maple Finance, told Decrypt. “We expect to see the ratio catch up based on the tailwinds of ETF inflows, which history shows increase over time, and bitcoin increasingly being viewed as a staple part of balanced portfolios.”

機構資本市場 Maple Finance 首席執行官兼聯合創始人西德尼·鮑威爾 (Sidney Powell) 告訴 Decrypt：“達到新高標誌著比特幣作為一種資產類別的持續採用和成熟。” “我們預計這一比率將在 ETF 流入的推動下迎頭趕上，歷史表明，隨著時間的推移，流入量將不斷增加，而且比特幣越來越被視為平衡投資組合的主要組成部分。”

The ratio is calculated by dividing Bitcoin’s price by the spot price of gold per ounce, and it usually serves as an indicator for comparing the relative strength and investor preference between the two assets.

該比率的計算方法是將比特幣的價格除以每盎司黃金的現貨價格，它通常作為比較兩種資產之間的相對強度和投資者偏好的指標。

The ratio highlights Bitcoin’s status as digital gold, positioning it as an “increasingly favored store of value over traditional gold,” Singapore-based digital asset trading firm QCP Capital wrote in a note on Monday.

總部位於新加坡的數位資產交易公司 QCP Capital 週一在一份報告中寫道，這一比率凸顯了比特幣作為數位黃金的地位，將其定位為「比傳統黃金更受青睞的價值儲存手段」。

However, traders still tend to opt for gold during times of uncertainty over Bitcoin, which has become more correlated to traditional markets, partly due to the approval of U.S. Bitcoin exchange-traded funds in January.

然而，在比特幣存在不確定性的時期，交易者仍然傾向於選擇黃金，比特幣與傳統市場的相關性變得更強，部分原因是美國一月份比特幣交易所交易基金獲得批准。

Global Bitcoin ETF assets under management have reached $119 billion, according to data from Coinglass. This is less than half of gold-backed ETFs’ $290 billion as of November 2024, according to data from the World Gold Council.

Coinglass 的數據顯示，全球比特幣 ETF 管理資產已達 1,190 億美元。根據世界黃金協會的數據，截至 2024 年 11 月，這還不到黃金 ETF 規模 2,900 億美元的一半。

Bitcoin’s code caps its maximum supply at 21 million tokens and includes halving events that reduce the new supply by 50% periodically, ensuring the final Bitcoin won’t be minted until approximately 2140.

比特幣的程式碼將其最大供應量限制為 2,100 萬個代幣，並包括定期將新供應量減少 50% 的減半事件，確保最終的比特幣直到大約 2140 年才會被鑄造。

This programmed scarcity contrasts with gold’s continuous mining production, although both assets are often compared as stores of value due to their limited supply characteristics.

這種程序化的稀缺性與黃金的持續開採生產形成鮮明對比，儘管這兩種資產由於其供應有限的特徵而經常被視為價值儲存手段。

Moreover, while gold maintains lower volatility—around 20% annually—and benefits from its 3,500-year history as a traded asset, Bitcoin offers higher return potential despite more significant price swings, with volatility near 50%.

此外，雖然黃金保持較低的波動性（每年約20%），並受益於其作為交易資產3,500 年的歷史，但比特幣儘管價格波動更大，波動性接近50%，卻提供了更高的回報潛力。

Edited by Sebastian Sinclair

塞巴斯蒂安·辛克萊編輯