比特幣（BTC）價格動作與黃金（XAU）|資料來源：TradingView

比特幣（BTC）價格跌幅，黃金（XAU）在美國宏觀經濟景觀比特幣價格中的進步在2025年2月面臨著強烈的看跌逆風。

Bitcoin (BTC) price faced three major headwinds in February 2025, leading to a 6% decline amid broader market volatility.

比特幣（BTC）的價格在2025年2月面臨三個主要逆風，導致市場波動更大，下降了6％。

The blowback from a U.S. tech stock sell-off after DeepSeek disrupted OpenAI’s market position in late January set the stage for a negative start to the month. Former President Donald Trump’s announcement of sweeping tariffs on Canada, Mexico and China further exacerbated BTC’s price decline. While the tariffs on Canada and Mexico were quickly rolled back, those imposed on China went ahead, adding pressure to financial markets. A hotter-than-expected U.S. Consumer Price Index (CPI) report this week triggered further downside, sparking concerns about prolonged inflationary pressures.

DeepSeek在1月下旬破壞了Openai的市場地位後，美國科技股票拋售的反擊為本月的負面開端奠定了基礎。前總統唐納德·特朗普（Donald Trump）宣布對加拿大，墨西哥和中國的關稅宣布進一步加劇了BTC的價格下跌。雖然加拿大和墨西哥的關稅很快被撤回，但對中國征收的關稅卻延續了，為金融市場增加了壓力。本週的一份比預期的美國消費者價格指數（CPI）報告更熱，引發了人們對延長通貨膨脹壓力的擔憂。

As investors recalibrated their risk exposure in the face of a testing macroeconomic landscape, the appeal of safe-haven assets like gold was evident. Gold prices climbed to $2,882.43 per ounce, up 6% over the past 15 days. Meanwhile, Bitcoin remained range-bound, consolidating at $97,000 and down 6% over the same period.

當投資者面對宏觀經濟景觀時，投資者重新校準了風險敞口，因此明顯的是黃金等避風者資產的吸引力。黃金價格上漲至每盎司2,882.43美元，在過去的15天中上漲了6％。同時，比特幣在同一時期內保持範圍為97,000美元，下降了6％。

suggesting that the uncertain macroeconomic landscape is reshaping investor behavior. While Bitcoin prices have dropped 6% in February, the Real World Asset (RWA) sector within crypto markets has experienced notable capital inflows.

表明不確定的宏觀經濟格局正在重塑投資者的行為。儘管比特幣價格在2月下降了6％，但加密貨幣市場中的現實世界資產（RWA）領域卻經歷了顯著的資本流入。

Instead of moving funds off-chain after de-risking from BTC, investors now appear to be reallocating capital into tokenized RWAs, including gold, real estate and fixed-income securities.

現在，投資者似乎沒有將資金從BTC脫離危險後，而是將資本重新分配到包括黃金，房地產和固定收益證券在內的令牌化RWA中。

According to CoinGecko data, the RWA market capitalization surged 6.6% as of Feb. 18, reaching $38.8 billion — an increase of over $2.5 billion within the last 24 hours. During the same timeframe, Bitcoin remained stuck within the narrow $97,000–$98,000 range.

根據Coingecko數據，截至2月18日，RWA市值飆升了6.6％，達到388億美元，在過去24小時內增加了超過25億美元。在同一時間範圍內，比特幣仍停留在狹窄的$ 97,000- $ 98,000範圍內。

Chainlink (LINK), Mantra (OM) and XDC Network (XDC) emerged as key front-runners in the RWA boom. With Mantra leading the way with 27.5% gains over the past 24 hours, all top 10 RWA protocol assets posted gains this week, except for Ondo Finance, which saw a mild 4.4% retracement. This reflects he growing investor demand for tokenized safe-haven assets as BTC price stangates under bearish pressure from hawkish macroeconomic expectations.

ChainLink（link），Mantra（OM）和XDC Network（XDC）在RWA Boom中出現了關鍵的前跑者。在過去的24小時內，咒語以27.5％的收益領先，本週所有前10個RWA協議資產都在本週獲得收益，除了Ondo Finance，其重新回收率為4.4％。這反映了他不斷增長的投資者對標記安全資產的需求，因為BTC的價格在霍克什宏觀經濟期望的看跌壓力下產生了壓力。

Amid rising interest in tokenized gold and surging capital inflows toward RWA protocols, speculation is growing that tokenized commodities could become a more dominant asset class should inflationary pressures persist.

在對代幣化黃金和對RWA方案的資本流入激增的興趣上升，人們越來越多地猜測，如果通貨膨脹壓力持續存在，代幣化的商品可能會成為更為主導的資產類別。

This week’s inflation report has only reinforced the perception that Bitcoin could struggle in a hawkish macroeconomic environment, while gold and RWAs stand to benefit from shifting investor sentiment.

本週的通貨膨脹報告僅增強了人們對比特幣在鷹派宏觀經濟環境中掙扎的看法，而黃金和RWAS將從轉移的投資者情緒中受益。

With Bitcoin facing pressure from macroeconomic headwinds, including inflation concerns and geopolitical tensions, gold and tokenized RWAs are increasingly seen as viable alternatives. If inflation remains elevated, Bitcoin may continue to stagnate, while tokenized commodities and gold-backed assets could see continued inflows in 2025.

隨著比特幣面臨宏觀經濟逆風的壓力，包括通貨膨脹問題和地緣政治緊張局勢，黃金和標記的RWA越來越被視為可行的替代方案。如果通貨膨脹率保持升高，比特幣可能會繼續停滯，而代幣化的商品和金資產的資產可能會在2025年繼續流入。

In a recent exclusive interview with FXStreet, Kevin Rusher, founder of real-world asset platform RAAC, offered expert insights into this narrative.

在最近接受FXStreet的獨家採訪中，現實世界資產平台RAAC的創始人Kevin Rusher為這一敘述提供了專家的見解。

“As we know, Bitcoin was designed to be the ultimate inflation hedge. However, because of its widespread adoption by institutions like BlackRock and JP Morgan, it tends to move with the market.

“眾所周知，比特幣被設計為最終的通貨膨脹對沖。但是，由於貝萊德（Blackrock）和摩根（JP Morgan）等機構的廣泛採用，它往往會隨著市場而轉移。

But when we see a really serious crash like the banking crisis of March 2023, we do see different activity.

但是，當我們看到像2023年3月的銀行危機一樣非常嚴重的崩潰時，我們確實看到了不同的活動。

So no, I don't think there is a difference between Bitcoin and gold, but I do think that investors are looking for safety."

所以不，我認為比特幣和黃金之間沒有區別，但我確實認為投資者正在尋找安全。”

“The beauty of gold is that it will be an inflation hedge no matter how you hold it.

“黃金的美在於，無論您如何持有它，它都將是通貨膨脹對沖。

Throughout history, people have held gold to preserve their wealth and that will never change.

在整個歷史上，人們都持有黃金來維護自己的財富，這將永遠不會改變。

If you hold gold in an ETF, that's an extremely safe way to do it, and your investment will rise with the value of the asset minus the fees of the fund.

如果您在ETF中持有黃金，那是一種非常安全的方法，而您的投資將隨著資產的價值減去基金的費用而上升。

With tokenized gold, you will benefit from the appreciation of the asset as well as - depending on the platform - potentially a yield, and several other opportunities to use that investment throughout the decentralized finance ecosystem.

有了代幣化的黃金，您將受益於資產的欣賞，並取決於平台 - 可能是收益率，以及在整個分散的金融生態系統中使用該投資的其他一些機會。

“You can't beat an ETF for safety when it comes to holding gold, and futures will always be the preferred instrument of traders looking to profit from very short-term moves up and down.

“在持有黃金方面，您不能為安全而擊敗ETF，而期貨將永遠是希望從短期上下移動中獲利的交易者的首選工具。

Tokenization gives you the option to earn a yield on your holding or use it to borrow and lend within the decentralized finance ecosystem."

令牌化為您提供了賺取收益率的選擇，或者使用它在分散的金融生態系統中藉入和借貸。”

“Property is perhaps the original base case for tokenized assets. With fewer and fewer people able to access the stable and reliable returns that property can afford, tokenized property makes a lot of sense.

“財產也許是令牌化資產的原始基本案例。由於越來越少的人能夠獲得物業所能負擔的穩定和可靠的回報，因此令牌化的財產很有意義。

This is especially the case when we're looking at rental property in the public sector which is extremely safe and has a guaranteed yield.

當我們查看公共部門的出租物業非常安全並且有保證收益率時，尤其是這樣。