隨著宏觀經濟不確定性將投資者推向安全避風港，比特幣（BTC）將黃金（XAU）提高到新的記錄高點

黃金已經飆升至新鮮創紀錄的高點，使比特幣（BTC）落後了，這兩個資產之間的性能差異越來越大。

Gold has surged to fresh record highs, leaving Bitcoin (BTC) trailing behind, with a growing divergence in performance between the two assets.

黃金已經飆升至新鮮創紀錄的高點，使比特幣（BTC）落後了，這兩個資產之間的性能差異越來越大。

At press time, gold is trading above $3,036 per ounce, marking a strong 15% increase year-to-date (YTD). In contrast, Bitcoin has dropped 11% since the start of the year, trading at $83,517, highlighting a sharp discrepancy in returns.

發稿時，黃金的交易價格高於每盎司3,036美元，標誌著年初至今增長15％（YTD）。相比之下，比特幣自今年年初以來下降了11％，交易價格為83,517美元，突出了回報的巨大差異。

The widening gap has prompted several strategists to suggest that the tide is turning decisively in favor of gold, as mounting macroeconomic uncertainties and escalating geopolitical tensions drive investors back toward the traditional safe-haven asset.

擴大的差距促使一些戰略家暗示潮汐正在果斷地轉向黃金，因為越來越多的宏觀經濟不確定性併升級地緣政治緊張局勢將投資者帶回傳統的避風港資產。

Picks for you

為您選擇

Gold is putting Bitcoin to shame right now pic.twitter.com/9bc3T4U6xH

黃金現在讓比特幣感到羞恥pic.twitter.com/9bc3t4u6xh

Why Gold is outshining Bitcoin

為什麼黃金超出比特幣

Several factors have contributed to gold’s bullish momentum. A key driver has been significant inflows into gold exchange-traded funds (ETFs), along with its traditional role as a safe-haven asset during geopolitical uncertainty.

有幾個因素導致了黃金的看漲勢頭。關鍵的驅動因素是黃金交換貿易資金（ETF）的大量流入，以及在地緣政治不確定性期間作為避風港資產的傳統作用。

According to the World Gold Council, global physically backed gold ETFs saw significant inflows in February, totaling $9.4 billion, the strongest since March 2022, with analysts anticipating gold-backed ETF investment trusts to see ample scope for fresh inflows.

根據世界黃金委員會的說法，全球支持的黃金ETF在2月份看到了大量的流入，總計94億美元，是2022年3月以來最強的，分析師預計將獲得黃金支持的ETF投資信託基金，可以看到新鮮流入的充足範圍。

Geopolitical tensions have further fueled gold’s rally. President Donald Trump’s aggressive trade policies, including new tariffs on China, Mexico, and Canada, have heightened fears of a global economic slowdown.

地緣政治緊張局勢進一步加劇了黃金的集會。唐納德·特朗普（Donald Trump）總統的積極貿易政策，包括對中國，墨西哥和加拿大的新關稅，對全球經濟放緩的擔憂加劇了。

The escalating trade standoff has raised concerns over rising consumer prices and broader economic instability, prompting investors to flock to gold as a hedge.

不斷上升的貿易對峙引起了人們對消費者價格上漲和更廣泛的經濟不穩定的關注，促使投資者湧向黃金作為對沖。

Daan Struyven, Co-Head of Global Commodities Research at Goldman Sachs, also attributed the rally to heightened uncertainty surrounding US-led tariff policies, coupled with inflation concerns.

高盛（Goldman Sachs）全球商品研究的聯合主管Daan Struyven也將集會歸因於美國領導的關稅政策的不確定性加劇，再加上通貨膨脹的問題。

Struyven noted a divergence across commodity markets, with gold and copper strengthening amid tariff-related pressures, while oil prices weaken due to fears over slowing US and global economic growth.

Struyven指出，商品市場之間存在分歧，在與關稅相關的壓力下，黃金和銅的加強，而由於擔心美國和全球經濟增長的擔憂，石油價格削弱了。

Adding further support, Struyven noted that central banks have ramped up gold purchases at rates seven times higher than pre-2022 averages, driven by concerns over the stability of the US dollar and broader geopolitical risks.

斯特魯伊文（Struyven）補充說，央行在央行以比2022年以前的平均值高七倍的價格增加了黃金的購買，這是對美元穩定和更廣泛的地緣政治風險的擔憂。

Interestingly, the rally has gathered momentum despite a decline in speculative positioning. ETFs and institutional investors have added nearly 100 tons of gold demand over the past month, making the bullish case even stronger.

有趣的是，儘管投機定位下降，但集會還是聚集了動力。在過去的一個月中，ETF和機構投資者增加了近100噸黃金需求，使看漲案件更加強大。

Bitcoin’s bleak performance and ETF outflows

比特幣的黯淡性能和ETF流出

While gold shines, Bitcoin has struggled to maintain its footing. Bitcoin ETFs saw $978 million in outflows last week, bringing total outflows over the last five weeks to $5.4 billion, according to a CoinShares report.

儘管黃金閃耀，但比特幣一直在努力維持其基礎。根據Coinshares的一份報告，比特幣ETF上週的流出量達到了9.78億美元，在過去的五週內總流出到了54億美元。

Despite Trump’s pro-crypto moves, including signing an executive order to establish a strategic crypto reserve, Bitcoin has come under sustained pressure. The administration’s unpredictable tariff announcements have rattled broader market confidence, prompting sell-offs in risk-on assets like Bitcoin and Nasdaq-listed tech stocks.

儘管特朗普採取了親克萊普託的舉動，包括簽署一項行政命令建立戰略加密保護區，但比特幣仍承受著持續的壓力。政府的不可預測的關稅公告使更廣泛的市場信心震撼了，促使諸如比特幣和納斯達克上市科技股等風險的資產銷售。

Is Bitcoin’s bull run over?

比特幣的公牛倒閉了嗎？

Historically, Bitcoin and gold have rarely moved in tandem. During the banking crisis of 2023, Bitcoin’s correlation with gold strengthened as speculators flocked to store-of-value assets.

從歷史上看，比特幣和黃金很少在同時移動。在2023年的銀行危機期間，隨著投機者湧向價值存儲資產，比特幣與黃金的相關性得到了加強。

However, in 2025, the narrative has changed. Gold’s rally has driven its price 40% higher year-over-year, far surpassing Bitcoin’s 23% gain over the same period.

但是，在2025年，敘述發生了變化。 Gold的拉力賽已推動其同比上漲40％的價格，在同一時期，比特幣的增長率遠遠超過了23％。

Bitcoin $100,000 May Be A Risk-Off Bell Ringer — The "why buy gold" mantra, with the stock market and Bitcoin having rapidly risen amid elevated U.S. rates, could be shifting. That the S&P 500's first 10% drawdown since 4Q23 coincided with about a 25% drop in the crypto and gold… pic.twitter.com/M6vJpEpuiB

比特幣$ 100,000可能是一個冒險的鐘聲鈴聲 - “為什麼要購買黃金”的口頭禪，股市和比特幣在美國利率上漲的情況下迅速上漲，可能正在轉移。自4Q23以來，標準普爾500指數的第一個10％的跌幅恰逢加密和黃金下降25％... pic.twitter.com/m6vjpepuib

Commodity strategist Mike McGlone also weighed in on the shifting market dynamics. In a recent post, McGlone noted that as both the stock market and Bitcoin rallied amid elevated U.S. interest rates, the traditional ‘why buy gold narrative was pushed aside.

商品策略師邁克·麥格隆（Mike McGlone）也對不斷變化的市場動態進行了權衡。麥格隆在最近的一篇文章中指出，隨著股票市場和比特幣在美國利率提高，傳統的“為什麼購買黃金敘事都被拋在一邊”。

However, the S&P 500’s first 10% correction since late 2023, coupled with Bitcoin’s sharp 25% drop and gold’s rise above $3,000 an ounce, indicates that investor sentiment is shifting back to safe-haven assets, with gold reclaiming its dominance.

但是，自2023年下半年以來，標準普爾500指數的第一個10％更正，再加上比特幣的急劇下降，金的速度高於每盎司3,000美元，這表明投資者的情緒正在轉移到避風港資產，金牌恢復了其優勢。