比特幣（BTC）可能已經超過其狀態，只是對沖傳統金融風險的對沖

比特幣BTC/USD可能已經超過了其狀態，因為對沖傳統的金融風險，並且越來越像納斯達克的技術股票一樣

Standard Chartered's Head of Digital Asset Research, Geoffrey Kendrick, says in a note shared with Benzinga that an analysis of Bitcoin's short-term trading behavior suggests the cryptocurrency may have outgrown its status as just a hedge against traditional finance risks and is increasingly behaving like a Nasdaq-listed tech stock.

Standard Charter的數字資產研究負責人Geoffrey Kendrick在與Benzinga分享的一份票據中說，對比特幣短期交易行為的分析表明，加密貨幣可能已經超過了其對傳統融資風險的對沖，並且越來越像納斯達克大學的技術庫存一樣。

What Happened: In a note shared Monday, Kendrick highlighted how Bitcoin's short-term trading patterns are highly correlated to the Nasdaq Composite, suggesting BTC is serving a dual role in modern portfolios.

發生的事情是：在周一分享的一張票據中，肯德里克強調了比特幣的短期交易模式如何與納斯達克綜合材料高度相關，這表明BTC在現代投資組合中發揮了雙重作用。

While Bitcoin has long been positioned as a buffer against TradFi turbulence—such as the Silicon Valley Bank collapse in March 2023—the report finds that, on shorter timelines, the cryptocurrency moves closely in tandem with U.S. technology stocks.

長期以來，比特幣長期以來一直被定位為防止Tradfi湍流（例如2023年3月的矽谷銀行倒塌），該報告發現，在較短的時間表上，加密貨幣與美國技術庫存緊密相連。

To illustrate this, Standard Chartered created a hypothetical index dubbed “Mag 7B,” which inserts Bitcoin into the popular “Magnificent 7” tech-stock basket while removing Tesla.

為了說明這一點，標準特許創建了一個名為“ MAG 7B”的假設索引，該索引將比特幣插入流行的“宏偉的7”技術儲備籃中，同時刪除特斯拉。

According to Kendrick, this modified index generates both higher returns and lower volatility compared to the original Mag 7.

根據肯德里克（Kendrick）的說法，與原始MAG 7相比，該修改後的指數同時產生更高的回報和更低的波動率。

“We find that Mag 7B has both higher returns and lower volatility than Mag 7,” Kendrick wrote, adding that the findings suggest Bitcoin can serve as both a TradFi hedge and a technology stock proxy.

肯德里克（Kendrick）寫道：“我們發現MAG 7B既比MAG 7都具有更高的回報和更低的波動性。”他補充說，這些發現表明比特幣可以作為Tradfi Hedge和技術股票代理。

The “Magnificent 7” typically includes leading tech names such as Apple, Microsoft, Amazon, Meta, Alphabet, Nvidia, and Tesla TSLA.

“宏偉的7”通常包括蘋果，微軟，亞馬遜，元，字母，Nvidia和Tesla TSLA等領先的技術名稱。

By swapping Tesla for Bitcoin, Kendrick argues the new “Mag 7B” index provides investors with a portfolio that is more resilient and potentially more profitable.

通過將特斯拉換成比特幣，肯德里克認為，新的“ MAG 7B”指數為投資者提供了一種更具彈性且潛在利潤的投資組合。

According to internal analysis at Standard Chartered, shifting from the original Mag 7 to Mag 7B over the past year would have resulted in around 16% lower portfolio volatility and nearly 6% higher total returns.

根據標準特許的內部分析，過去一年中從原始的MAG 7轉移到MAG 7B將導致投資組合波動率降低約16％，總回報率提高了近6％。

“This is despite the fact that Mag 7B has no bond allocation, while we estimate that a balanced portfolio would typically allocate around 60% to bonds,” Kendrick stated.

肯德里克說：“這是儘管MAG 7B沒有債券分配，但我們估計平衡的投資組合通常會分配60％的債券。”

Why It Matters: As Bitcoin's presence in institutional portfolios continues to grow, Kendrick believes that its dual utility—acting both as a hedge and as a growth asset—could fuel additional capital inflows. “Over time, I think BTC may come to serve multiple purposes in investor portfolios,” Kendrick noted.

為什麼它很重要：隨著比特幣在機構投資組合中的存在繼續增長，肯德里克認為，它的雙重效用（既是對沖和增長資產）可能會加劇更多的資本流入。肯德里克指出：“隨著時間的流逝，我認為BTC可能會在投資者投資組合中提供多種目的。”

Kendrick also forecasts positive short-term momentum for Bitcoin, citing expectations of a more favorable U.S. tariff announcement and Nasdaq rebalancing.

肯德里克（Kendrick）還預測了比特幣的積極短期勢頭，理由是對美國關稅公告和納斯達克的重新平衡的期望。

“Higher Nasdaq will equal higher Bitcoin. $90,000 in focus now,” he added.

他補充說：“較高的納斯達克將等於更高的比特幣。現在的焦點為90,000美元。”

Bitcoin is trading up over 3.5% on Monday, lifting the total market cap of the crypto industry by 1.5% to $2.9 trillion.

比特幣週一的交易量超過3.5％，將加密貨幣行業的總市值提高了1.5％，至2.9萬億美元。

Among major cryptocurrencies, Ethereum ETH/USD, XRP XRP/USD, Solana SOL/USD and Dogecoin DOGE/USD are trading up 4%, 3.2%, 6.5% and 3%, respectively.

在主要的加密貨幣中，以太坊ETH/USD，XRP XRP/USD，Solana Sol/USD和Dogecoin Doge/USD分別增加了4％，3.2％，6.5％和3％。