Bitwise CIO說

Bitwise首席投資官馬特·霍根（Matt Hougan）表示，比特幣被證明比以往任何時候都更具彈性。

In a note to clients on Tuesday, Bitwise Chief Investment Officer Matt Hougan highlighted how Bitcoin (BTC) has remained nearly flat over the past 30 days despite an intense wave of macroeconomic pressure.

在周二給客戶的一份情況下，Bitwise首席投資官Matt Hougan強調了比特幣（BTC）在過去30天中如何保持平坦，儘管宏觀經濟壓力很大。

“We’ve had absolutely massive forces buffeting the crypto market on all sides — from the U.S. establishing a strategic reserve to President Trump enacting tariffs on the entire world — and we’ve gone precisely sideways,” Hougan said. He argues that this behavior shows Bitcoin is itching to move higher if macro obstacles would just get out of the way.

霍根說：“從美國建立戰略儲備到特朗普總統在全世界徵收關稅，我們已經完全傾斜了。”他認為，這種行為表明，如果宏觀障礙只會擺脫困境，比特幣正在瘙癢。

What stands out to Hougan is how BTC is behaving very differently from previous market corrections. Traditionally seen as a highly volatile risk asset, Bitcoin has historically dropped more sharply than stocks when markets turned sour.

霍根（Hougan）脫穎而出的是，BTC的行為與以前的市場更正截然不同。傳統上，比特幣歷史上比市場變酸時的股票更急劇下降。

In 2022, the S&P 500 dropped 24.5%, while Bitcoin plunged 58.3%. During the COVID crash of 2020, the S&P lost 33.8% and BTC followed with a 38.1% drop. Even in the late 2018 U.S.–China trade war downturn, the S&P slid 19.4% while Bitcoin crashed 37.2%.

在2022年，標準普爾500指數下降了24.5％，而比特幣跌落58.3％。在2020年的Covid崩潰期間，標準普爾損失了33.8％，BTC下降了38.1％。即使在2018年後期的美國 - 中國貿易戰爭下滑，標準普爾人也下跌了19.4％，而比特幣墜毀了37.2％。

By contrast, in the current correction, both the S&P and Bitcoin are down roughly 12%. That parity is unprecedented, Hougan says — and may mark the beginning of a fundamental shift.

相比之下，在當前校正中，S＆P和比特幣都下降了約12％。霍根說，這種平價是前所未有的，並且可能標誌著基本轉變的開始。

As corporations and governments began accumulating Bitcoin in a big way, and some are now mulling BTC for strategic reserves, the asset is beginning to look more like a macro hedge than a speculative tool.

隨著公司和政府開始大量積累比特幣，現在有些人正在考慮BTC的戰略儲備，因此資產看起來更像是宏觀樹籬，而不是投機工具。

“There’s no guarantee this relationship will hold, or that the remarkable strength we’ve seen out of Bitcoin lasts forever,” Hougan noted. “But the hedge-asset narrative is gaining traction — and that’s a big deal.”

Hougan指出：“無法保證這種關係將會存在，或者我們從比特幣中看到的顯著力量永遠持續下去。” “但是樹籬資產的敘述正在引起人們的關注 - 這很重要。”

Of course, gold is still outperforming Bitcoin during this pullback, and the crypto market is still quite volatile. But the fact that BTC is staying above $80,000 and largely holding its own while global markets are in a state of upheaval is, to Hougan, a powerful signal.

當然，在此回調期間，黃金仍然優於比特幣，加密市場仍然非常波動。但是，在全球市場處於動盪狀態的同時，BTC的居住在80,000美元以上，並且在很大程度上擁有自己的事實，這是對霍根的強大信號。

“The world is unraveling, and Bitcoin is trading above $80,000,” Hougan wrote. “If that doesn’t give you confidence in its staying power, I don’t know what will.”

霍根寫道：“世界正在瓦解，比特幣的交易超過80,000美元。” “如果那不讓您對持久力的信心，我不知道會怎樣。”

As the broader market seeks stability amid a turbulent macroeconomic backdrop, and the crypto space continues to mature, BTC may be carving out a more stable and central role in the global financial ecosystem — one correction at a time.

隨著更廣闊的市場在動蕩的宏觀經濟背景中尋求穩定，加密貨幣空間繼續成熟，BTC可能在全球金融生態系統中佔據更加穩定，更中心的作用 - 一次糾正。