黃金獲得避風港的吸引力，而比特幣落後於

隨著全球投資者在不確定的時期尋求安全，黃金正在享受新的需求。根據摩根大通分析師的說法，貴金屬看到強烈的流入

Global investors are flocking to gold as a safe haven in uncertain times, leading to strong inflows into both ETFs and futures markets, according to JPMorgan analysts.

根據摩根大通分析師的說法，全球投資者正在不確定的時代湧向黃金，這導致了ETF和期貨市場的大量流入。

The analysis, conducted by a team led by managing director Nikolaos Panigirtzoglou and shared with The Block, highlights how gold is performing like other traditional safe-haven assets, such as the Swiss franc and Japanese yen.

由董事總經理Nikolaos Panigirtzoglou領導的團隊進行的分析並與該街區分享，重點介紹了黃金的表現，例如其他傳統的避風港資產，例如瑞士法郎和日元。

“Gold continues to attract capital despite weak liquidity and market breadth,” the analysts stated.

分析師說：“儘管流動性和市場廣度疲軟，黃金仍在吸引資本。”

In contrast, Bitcoin is lagging behind and now shows signs of losing trust among both institutional and retail investors.

相比之下，比特幣落後，現在顯示出在機構和零售投資者中失去信任的跡象。

The report indicates a sharp decline in speculative futures activity and three straight months of outflows from Bitcoin ETFs.

該報告表明，投機期貨活動急劇下降，比特幣ETF連續三個月流出。

"This contrasts sharply with the strong speculative futures activity and large capital flows into gold in recent months, especially in China and Hong Kong, where the new gold ETFs have seen truly staggering inflows," the JPMorgan analysts add.

摩根大通分析師補充說：“這與近幾個月來強大的投機期貨活動和大量資本流入黃金，尤其是在中國和香港的大量資本形成鮮明對比，新的黃金ETF看到了真正驚人的流入。”

Data from the World Gold Council underscores this trend, revealing that global gold ETFs experienced a massive influx of $21.1 billion during Q1 2025.

來自世界黃金委員會的數據強調了這一趨勢，表明全球黃金ETF在2025年第1季度的大量湧入為211億美元。

Among these inflows, a significant portion, $2.3 billion, originated from ETFs in China and Hong Kong.

在這些流入中，有一個很大的部分，23億美元，起源於中國和香港的ETF。

This contribution represents 16% of local gold ETF AUM, a percentage far exceeding the global average of 6%. As JPMorgan analysts highlight, this disparity showcases a more pronounced demand for gold within Asian markets.

這一貢獻佔當地黃金ETF AUM的16％，百分比遠遠超過了6％的全球平均水平。正如摩根大通（JPMorgan）分析師所強調的那樣，這種差異表明亞洲市場對黃金的需求更為明顯。