儘管有起伏，但比特幣還是在一個月前的幾乎相同的地方

對於最大的加密貨幣來說，這是一個非常動蕩的月份。但是，儘管發生了起伏，但比特幣還是在一個月前幾乎處於同一地點。

It has been a very volatile month for the largest cryptocurrency. But despite the ups and downs, Bitcoin has ended up in almost the same spot it was a month ago.

對於最大的加密貨幣來說，這是一個非常動蕩的月份。但是，儘管發生了起伏，但比特幣還是在一個月前幾乎處於同一地點。

Month-on-month BTC has moved just 0.58%, trading at US$83,307 (AU$131,264) at the time of writing.

每月一個月的BTC的行列僅為0.58％，在撰寫本文時，交易價格為83,307美元（AU $ 131,264）。

Of course, that change in price comes after massive swings both up and down – though mostly down, BTC dropped below the US$75k (AU$118k) mark twice in the past weeks.

當然，價格的變化是在上下巨大的搖擺之後發生的 - 儘管大多數情況下，BTC在過去幾周中兩次下降了75,000美元以下。

The Trump tariff-drama was in full swing last week, causing major disruptions not only for crypto. Markets tanked so dramatically that Trump was forced to backpedal on his threats, though he still has his eyes set on China – with analysts and investors waiting to see what’s next.

特朗普的關稅劇院上週在如火如荼地進行，不僅造成了加密貨幣的重大干擾。市場如此巨大，以至於特朗普被迫對自己的威脅進行支持，儘管他仍然注視著中國 - 分析師和投資者正在等待看看下一步。

But, there is something else going on with Bitcoin. At least according to Matt Hougan, the Chief Investment Officer (CIO) at Bitwise.

但是，比特幣還有其他事情正在發生。至少根據位於Bitwise的首席投資官（CIO）Matt Hougan的說法。

In a recent letter to investors he wrote that the OG crypto “is acting like an asset that wants to go higher, if only macro obstacles would get out of the way”.

在最近給投資者的一封信中，他寫道，OG加密貨幣“像是想要更高的資產，只要宏觀障礙才能避開。”

Hougan says all the volatility over the past 30 days and the “time, energy, and angst” he went through, makes him “want to cry”.

霍根說，過去30天的所有波動性以及他經歷的“時間，精力和焦慮”使他“想哭”。

Related: US Eyes Bitcoin Reserves Funded by Tariffs and Gold Revaluation, Not Taxpayers

相關：美國眼比特幣儲備由關稅和金色重估資助，而不是納稅人

Bitcoin’s Performance a Sign of Resilience, Says Analyst

分析師說，比特幣的性能是韌性的跡象。

The CIO explains that at the same time he’s also impressed with the coin, because since the US equity market peaked in February, both stocks and Bitcoin have fallen about 12%, marking the first time Bitcoin hasn’t significantly underperformed stocks during a market correction.

CIO解釋說，與此同時，他也對硬幣印象深刻，因為自2月份美國股票市場達到頂峰以來，股票和比特幣都下降了約12％，這是比特幣在市場校正期間首次不足以造成的股票。

Historically, he says, in downturns like those in 2022, 2020 and 2018, Bitcoin’s losses were much steeper – suggesting this time could be different.

他說，從歷史上看，在像2022年，2020年和2018年的低迷中，比特幣的損失更加陡峭 - 暗示這次可能會有所不同。

Hougan admits matching the performance of stocks doesn’t make Bitcoin a hedge and gold has fared better over the past few weeks. Nevertheless, he believes “Bitcoin is looking remarkably resilient right now”.

霍根（Hougan）承認，與股票的性能相匹配並不能使比特幣成為樹籬，並且在過去的幾周中，黃金的表現要好得多。儘管如此，他認為“比特幣現在看上去非常有彈性”。

He suggests that Bitcoin is “growing up”, evidenced by the fact that it’s still holding above the US$80k (AU$126.1k) mark.

他建議比特幣正在“長大”，這證明了它仍然超過8萬美元（AU $ 126.1K）的事實。

You’re Not a Kid Anymore, Kid.

孩子，你已經不是一個孩子了。

In past cycles, when BTC was more of a risk asset, it plummeted hard when markets lost confidence and it often lost more than stock markets.

在過去的周期中，當BTC更像是一種風險資產時，當市場失去信心並且損失比股票市場更多時，它會劇烈趨勢。

The Bitwise investment head says “as more corporations and institutions are buying bitcoin, and more governments are holding it as a strategic reserve”, Bitcoin shifts from being a risk asset to a hedge asset.

位投資負責人說：“隨著越來越多的公司和機構購買比特幣，越來越多的政府將其視為戰略儲備”，比特幣從成為風險資產轉變為對沖資產。

Investors are more and more treating an investment in Bitcoin like one in gold and this leads to “a lower beta to equities in down periods” – meaning BTC isn' to drop as much as it used to when the stock market goes down.

投資者越來越多地處理對比特幣的投資，例如黃金中的投資，這會導致“較低的beta到下降時期的股票”，這意味著BTC IS不像股票市場下降時那樣落下。

Nothing’s guaranteed in life, of course, and nobody can say for sure if “this relationship will hold, or that the remarkable strength we’ve seen out of bitcoin lately will project into the future”.

當然，沒有什麼可以保證生活的，沒有人能確定“這種關係是否會成立，或者我們最近從比特幣中看到的顯著力量會投射到未來”。