隨著投資者重新評估其作為避風港資產的地位，比特幣（BTC）的價格似乎正在上升

比特幣的興起似乎正在暫停。鑑於黃金的實力提高，越來越多的分析師質疑BTC作為避風港資產的地位。

In the constantly shifting landscape of financial markets, new trends are emerging. As bitcoin’s rise appears to be pausing, analysts are increasingly questioning the cryptocurrency’s position as a safe haven asset in light of gold’s increasing strength.

在金融市場的不斷變化的景觀中，新趨勢正在出現。隨著比特幣的崛起似乎正在暫停，分析師越來越多地質疑加密貨幣作為避風港資產的地位，鑑於黃金的強度提高。

The data provided by JPMorgan analysts sheds light on this interesting development.

摩根大通分析師提供的數據闡明了這一有趣的發展。

Bitcoin Is Losing Ground To Gold In Financial Markets

比特幣在金融市場中失去了金牌

The narrative of BTC as digital gold is encountering some difficulties today. According to JPMorgan, investors appear to be readjusting their strategies for protection against inflation and economic instability. As a result, we are seeing a shift in investment flows.

BTC作為數字黃金的敘述正在遇到一些困難。根據摩根大通的說法，投資者似乎正在重新調整其防止通貨膨脹和經濟不穩定的策略。結果，我們看到投資流量發生了變化。

Indeed, we are seeing a reversal of capital flows. More precisely, we are seeing large-scale exits from Bitcoin ETFs and a corresponding shift to those backed by gold.

確實，我們看到資本流的逆轉。更確切地說，我們看到比特幣ETF的大規模出口，並相應地轉移到了由黃金支持的轉變。

The precious metal has just crossed the $3,100 per ounce mark. It even attracts more than $9 trillion in allocation. In contrast, digital assets are still encumbered by their volatility. In this regard, JPMorgan analysts noted:

貴金屬剛剛超越了每盎司3,100美元的標記。它甚至吸引了超過9萬億美元的分配。相比之下，數字資產仍然被其波動性所限制。在這方面，摩根大通分析師指出：

“The correlation of bitcoin with tech stocks calls into question its role as a safe haven asset.”

“比特幣與科技股的相關性質疑其作為避風港資產的作用。”

To make matters worse, central banks are also contributing to this golden momentum. The report indicates that these institutions hold $4 trillion in gold, compared to only $5 trillion held by private investors.

更糟糕的是，中央銀行也為這一黃金勢頭做出了貢獻。該報告表明，這些機構持有4萬億美元的黃金，而私人投資者僅持有5萬億美元。

On the other hand, bitcoin has been underperforming since the beginning of 2025. Its performance has been underwhelming, to say the least.

另一方面，比特幣自2025年初以來的表現不佳。至少可以說，它的性能一直令人難以置信。

Could The Production Cost Of BTC Become Its Floor?

BTC的生產成本可以成為其地板嗎？

Certainly, confidence seems to be waning. However, bitcoin still boasts a major asset: its production cost. Cryptocurrency experts currently estimate it at $62,000. According to JPMorgan analysts, this level acts as an empirical support.

當然，信心似乎正在減弱。但是，比特幣仍然擁有主要資產：其生產成本。加密貨幣專家目前估計為62,000美元。根據摩根大通分析師的說法，此級別是經驗支持。

Nevertheless, this value remains fragile. Since January, Bitcoin ETFs have recorded substantial net outflows. Concurrently, positions on futures contracts have slid into negative territory. This indicates a gradual disengagement by crypto investors.

然而，這個價值仍然脆弱。自1月以來，比特幣ETF記錄了大量的淨流出。同時，期貨合約的職位已滑入負面領土。這表明加密投資者逐漸脫離接觸。

Therefore, the challenge for bitcoin is twofold:

因此，比特幣的挑戰是雙重的：