比特幣（BTC）被黃金勝過

由於比特幣（BTC）在最新的加密市場回落中掙扎 - 未能果斷地超過84,000美元的電阻 - 黃金（XAU）

As Bitcoin (BTC) continues to struggle amid the latest crypto market pullback, failing to decisively break past the $84,000 resistance, gold (XAU) has continued its impressive rally, soaring to a record high of $3,000 per ounce on March 14.

由於比特幣（BTC）在最新的加密貨幣市場回落中繼續掙扎，因此未能果斷地超過84,000美元的抵抗力，Gold（XAU）繼續其令人印象深刻的集會，在3月14日飆升至每盎司3,000美元的創紀錄的高點。

According to the latest data from the World Gold Council, US-based spot gold exchange-traded funds (ETFs) have attracted inflows exceeding $6 billion year-to-date (YTD). Globally, spot gold ETFs saw more than $23 billion in inflows.

根據世界黃金委員會的最新數據，美國的現貨黃金交易所資金（ETF）吸引了超過60億美元至今（YTD）的流入。在全球範圍內，現貨黃金ETF的流入超過230億美元。

This new record high from gold comes in stark contrast to Bitcoin's recent price action. BTC is down over 10% YTD, falling from approximately $94,000 on January 1 to around $84,000 at the time of writing.

Gold的新紀錄與比特幣最近的價格動作形成鮮明對比。 BTC下降了10％以上，從1月1日的94,000美元下降到寫作時的$ 84,000。

The majority of Bitcoin's decline occurred during the past month as the cryptocurrency struggled to maintain gains above the $90,000 level.

比特幣的大部分下降發生在過去一個月，因為加密貨幣努力保持高於90,000美元的收益。

Market analyst Northstar shared the following chart on X yesterday, highlighting the BTC-to-gold ratio over the past 12 years. According to the chart, BTC is beginning to break below a critical support line that has held strong for more than a decade.

市場分析師Northstar在昨天X上分享了以下圖表，突出了過去12年的BTC-GOLD比率。根據圖表，BTC開始突破一條至今已有十多年的關鍵支持線。

If Bitcoin sustains price action below this support line for several weeks or months, it could signal the end of the current crypto bull run. BTC's underperformance against gold is also evident in the contrasting capital flows into BTC and gold ETFs.

如果比特幣在此支持線以下維持價格動作幾週或幾個月，則可能標誌著當前的加密公牛運行的終結。 BTC對黃金的表現不佳在對比的資本流入BTC和Gold ETF中也很明顯。

According to the World Gold Council, US-based spot gold ETFs have attracted inflows exceeding $6 billion YTD. Globally, spot gold ETFs have seen more than $23 billion in capital inflows.

根據世界黃金委員會的說法，美國的現貨黃金ETF吸引了超過60億美元的流入。在全球範圍內，現貨黃金ETF的資本流入超過230億美元。

In comparison, data from SoSoValue indicates that US-based spot BTC ETFs experienced nearly $1.5 billion in net outflows YTD. This sharp contrast in capital movement reflects a shift in investor strategy from risk-on to risk-off assets.

相比之下，來自Sosovalue的數據表明，總部位於美國的BTC ETF經歷了近15億美元的淨外出YTD。資本運動中這種鮮明的對比反映了投資者戰略從風險登機上轉變為風險資產的轉變。

Several factors may explain investors' growing aversion to risk-on assets. Notably, US President Donald Trump recently announced new trade tariffs, which could ultimately harm the U.S. economy and potentially spark a recession.

幾個因素可能會解釋投資者對風險資產的日益厭惡。值得注意的是，美國總統唐納德·特朗普（Donald Trump）最近宣布了新的貿易關稅，這最終可能損害美國經濟並有可能引發衰退。

Furthermore, the U.S. Federal Reserve (Fed) has maintained a hawkish monetary policy, keeping interest rates elevated and reducing the balance sheet, putting pressure on stock prices and prompting a recent stock market rout.

此外，美國美聯儲（美聯儲）維持了鷹派貨幣政策，保持利率升高並降低資產負債表，給股價施加壓力，並促使最近發生了股票市場。

This shift in risk appetite is also evident in the capital flows into U.S.-listed gold and Bitcoin ETFs. While gold ETFs experienced massive inflows, BTC ETFs saw significant outflows.

在資本流入美國上市的黃金和比特幣ETF中，風險食慾的這種轉變也很明顯。儘管黃金ETF經歷了大量流入，但BTC ETF卻看到了大量的流出。

As the macroeconomic landscape continues to evolve, investors will be closely watching to see if the tide begins to turn in BTC's favor.

隨著宏觀經濟景觀的不斷發展，投資者將密切關注，以查看潮流是否開始扭轉BTC的支持。