2月，比特幣的風險調整後收益顯著削弱

在過去的一年中，比特幣的總收益與黃金的總回報相匹配，金是一種傳統的避風港資產

Bitcoin's struggles in February saw its risk-adjusted returns weaken significantly compared to other asset classes, according to data from research service Ecoinometrics.

根據研究服務生態計量學的數據，比特幣在二月份的鬥爭與其他資產類別相比，其風險調整後的收益顯著削弱。

While over the past year, bitcoin's total returns have matched those of gold, a traditional safe-haven asset, when adjusting for risk, bitcoin is behaving more like a major stock index, the data showed.

數據顯示，在過去的一年中，比特幣的總收益與傳統的安全資產的黃金相匹配，當調整風險時，比特幣的行為更像是主要股票指數。

February hit risk assets hard. Bitcoin took an especially tough blow to its risk-adjusted returns advantage.

二月猛烈打擊風險資產。比特幣對其風險調整後的回報優勢造成了特別艱難的打擊。

After a number of violent price swings of late alongside trade war threats, growing geopolitical tensions and President Trump's sowing confusion over government plans with respect to crypto, bitcoin is modestly lower so far in 2025. Gold, meanwhile, is up more than 11% year-to-date.

在貿易戰爭威脅時發生了許多近期暴力價格，地緣政治緊張局勢越來越大，而特朗普總統對政府對加密貨幣的計劃感到困惑之後，比特幣在2025年到目前為止較低。

"Bitcoin and gold are completely uncorrelated at the moment, on a 20-day moving average on a five year time frame it is negative," said CoinDesk analyst James Van Straten. "You can typically see when the correlation goes negative this is usually when bitcoin is at a bottom which can be seen in early 2023, summer of 2023, summer of 2024 and now. BTC tends to catch up with gold."

Coindesk分析師James van Straten說：“目前，比特幣和黃金完全不相關，在五年的時間範圍內以20天的移動平均值為負。” “通常可以查看相關性何時為負面，這通常是當比特幣處於底部時，可以在2023年初，2023年夏季，2024年夏季，現在。BTC傾向於趕上黃金。”

The shift could impact Bitcoin's appeal to institutional investors, who often prioritize assets with favorable risk-reward profiles. While Bitcoin's long-term narrative as "digital gold" remains intact, its short-term performance suggests it may be behaving more like equities than a safe-haven asset.

這種轉變可能會影響比特幣對機構投資者的吸引力，這些投資者通常優先考慮具有良好風險獎勵的資產。儘管比特幣作為“數字黃金”的長期敘述仍然完好無損，但其短期績效表明，它的行為可能更像是股票，而不是安全資產。