比特幣（BTC）違反了針對黃金（XAU）的支持趨勢線的上升，標誌著12年公牛跑的結束

如果BTC/XAU的比率分解可能會結束比特幣的12年公牛跑步，如果它在黃金趨勢線下持續了一周，或者一個月。

Bitcoin (BTC) breached a rising support trendline against gold (XAU), which has been intact for over 12 years, on March 14.

比特幣（BTC）違反了針對黃金（XAU）的支持趨勢線，該趨勢已於3月14日完好無損。

XAU/BTC ratio weekly performance chart. Source: TradingView/NorthStar

XAU/BTC比率每週績效表。資料來源：TradingView/Northstar

Popular analyst NorthStar says this breakdown could spell the end of Bitcoin's 12-year bull run if it stays under the gold trendline for even a week or—worse—a month.

受歡迎的分析師諾斯斯塔爾（Northstar）表示，如果比特幣在黃金趨勢線下持續一周，或者一個月的時間，則該崩潰可能會結束比特幣的12年牛跑步。

Is Bitcoin's bull market over? Let's take a closer look at BTC's correlation with gold.

比特幣的牛市已經結束了嗎？讓我們仔細看看BTC與黃金的相關性。

Gold hits new record high as Bitcoin's uptrend cools

當比特幣的Uptrend冷卻時，黃金命中了新的紀錄

The BTC/XAU ratio breakdown occurred as spot gold rates hit a new record high above $3,000 per ounce on March 14, after rising by about 12.80% year-to-date.

BTC/XAU比率的分解發生在3月14日的新紀​​錄高於每盎司3,000美元以上，此前升高約12.80％。

In contrast, Bitcoin, which is often called "digital gold," has dropped by 11% so far in 2025.BTC/USD vs. XAU/USD YTD performance chart. Source: TradingView

相比之下，在2025.BTC/USD與XAU/USD YTD YTD績效圖表中，比特幣通常被稱為“數字黃金”下降了11％。資料來源：TradingView

The performances reflect the contrasting net flows into US-based spot exchange-traded funds (ETF) tracking Bitcoin and gold.

表演反映了對比鮮明的網絡流入基於美國現貨的交換基金（ETF）跟踪比特幣和黃金的表現。

For instance, as of March 14, the US-based spot gold ETFs had collectively attracted over $6.48 billion YTD, according to data resource World Gold Council. Globally, gold ETFs have seen $23.18 billion in inflows.Gold ETFs weekly holdings by region. Source: GoldHub.com

例如，根據數據資源世界黃金委員會（Data Resource World Gold Council）的數據，截至3月14日，美國的現貨黃金ETF集體吸引了超過64.8億美元的YTD。在全球範圍內，黃金ETF的流入量為231.8億美元。資料來源：GoldHub.com

On the other hand, US-based spot Bitcoin ETFs saw nearly $1.46 billion in outflows YTD, according to onchain data platform Glassnode.

另一方面，根據OnChain Data Platform GlassNode的數據，總部位於美國的現貨比特幣ETF在流出的YTD中佔有近14.6億美元。

US Bitcoin ETFs year-to-de

美國比特幣ETF年