黃金達到紀錄高，比特幣面臨急劇下降

多年來，比特幣被稱為“數字黃金”，因為它被視為不確定性時期存儲資金的安全場所。

In the ever-evolving landscape of financial markets, Bitcoin has often been hailed as “digital gold” due to its perceived role as a safe-haven asset during times of economic uncertainty. Many investors flocked to Bitcoin, believing that like the precious metal, it would retain its value when the broader market was experiencing turbulence. However, recent market trends have taken an interesting turn, suggesting that gold is making a strong comeback as the preferred safe-haven asset.

在不斷發展的金融市場景觀中，比特幣經常被稱為“數字黃金”，因為在經濟不確定性時期，其作為避風港資產的作用。許多投資者湧向比特幣，認為像貴金屬一樣，當更廣泛的市場經歷動盪時，它將保留其價值。但是，最近的市場趨勢發生了一個有趣的轉變，這表明黃金作為首選的避風付用資產，使黃金重新捲土重來。

With gold prices reaching record highs and Bitcoin facing heavy selling, some are questioning whether the leading cryptocurrency is losing its role as a store of value.

隨著黃金價格達到創紀錄的高價，比特幣面臨著銷售的重量，有些人質疑領先的加密貨幣是否失去了其作為價值存儲的作用。

World's Most Searched Cryptocurrency Is Now Among Most Popular

現在，世界上最受歡迎的加密貨幣是最受歡迎的

As the global economy faces headwinds, investors are seeking out safer havens for their money. And in the past year, few assets have performed better than gold.

隨著全球經濟面臨逆風，投資者正在為自己的錢尋求更安全的天堂。在過去的一年中，很少有資產比黃金更好。

Gold is now nearing $3,000 per ounce for the first time in history. Since last March, gold prices have increased by nearly 50%, making it one of the best-performing assets. This is also the biggest yearly gain for gold in more than a decade.

現在，黃金在歷史上首次接近每盎司3,000美元。自去年三月以來，黃金價格上漲了近50％，使其成為表現最佳的資產之一。這也是十多年來黃金的年度最大收益。

A key factor driving the rise in gold prices is the ongoing uncertainty in the U.S. and global economies. With many economists fearing a possible recession and persistent inflation, investors are reducing their riskier investments and shifting their money into assets that are typically considered safer.

推動黃金價格上漲的關鍵因素是美國和全球經濟體的持續不確定性。由於許多經濟學家擔心可能的經濟衰退和持續通貨膨脹，投資者正在降低風險投資，並將其資金轉移到通常被認為更安全的資產中。

Gold has always been a reliable safe-haven asset, and in recent months, it has seen a significant influx of funds. In the past week alone, gold ETFs purchased 52 tonnes of gold, the biggest weekly purchase since July 2020. This shows that major financial institutions are shifting their focus back to gold as the best hedge against economic instability.

黃金一直是可靠的安全資產，最近幾個月，它已經大量資金湧入。僅在過去的一周中，黃金ETF購買了52噸黃金，這是自2020年7月以來每週最大的一次購買。這表明主要的金融機構正在將重點轉移到黃金上，這是反對經濟不穩定的最佳對沖。

Multiple factors are driving gold’s recent rise. One of the biggest reasons is the uncertain global economy. Many investors fear a possible recession and rising inflation, so they are moving their money into gold. Another reason is that central banks around the world are increasing their gold reserves, showing that even governments trust gold’s value in uncertain times.

多種因素正在推動黃金最近的上升。最大的原因之一是不確定的全球經濟。許多投資者擔心可能的經濟衰退和通貨膨脹率上升，因此他們將錢轉移到黃金中。另一個原因是，世界各地的中央銀行正在增加其黃金儲備，這表明即使政府也相信黃金在不確定時期的價值。

Large investment funds and ETFs are also buying gold in record amounts, further pushing its price higher. Together, these factors are putting strong buying pressure on gold, while selloffs are minimal. This imbalance of more buying than selling is making gold's price rise steadily.

大量的投資基金和ETF也正在購買創紀錄的黃金，進一步推動其價格提高。這些因素在一起給黃金帶來了強大的購買壓力，而拋售卻很少。這種不平衡的買入比出售更多的是黃金的價格穩步上漲。

Bitcoin And Crypto Face Sharp Decline As Investors Prefer Gold

比特幣和加密貨幣面臨急劇下降，因為投資者更喜歡黃金

While gold is hitting new highs, another popular asset, Bitcoin, has been struggling. Since January 20, Bitcoin and the rest of the crypto market have lost nearly $800 billion in value.

雖然黃金正在達到新高點，但另一個受歡迎的資產比特幣一直在掙扎。自1月20日以來，比特幣和加密貨幣市場的其餘部分損失了近8000億美元的價值。

One of the biggest reasons for this drop is the growing concern over trade wars. As the U.S. and China threaten to raise tariffs on each other’s goods, investors are becoming worried about the global economy.

造成這種下降的最大原因之一是對貿易戰爭的關注日益加劇。隨著美國和中國威脅要對彼此的商品提高關稅，投資者正對全球經濟感到擔憂。

Historically, Bitcoin was seen as an asset that was separate from traditional financial markets. Many people believed that Bitcoin could act as a hedge, similar to gold. This means that when the stock market was going down, Bitcoin would usually go up, and vice versa.

從歷史上看，比特幣被視為與傳統金融市場不同的資產。許多人認為比特幣可以作為樹籬，類似於黃金。這意味著，當股市下跌時，比特幣通常會上升，反之亦然。

However, recent data from PlanB suggests that Bitcoin is now behaving more like a high-risk investment rather than a safe haven.

但是，PLANB的最新數據表明，比特幣現在的行為更像是高風險的投資，而不是避風港。

A key moment came on January 20, when President Trump took office. On that same day, Bitcoin’s price peaked, and the total crypto market cap began to fall. In just five weeks, the total market cap of cryptocurrencies dropped from $3.7 trillion to $2.8 trillion.

1月20日，特朗普總統上任的關鍵時刻是一個關鍵時刻。在同一天，比特幣的價格達到頂峰，加密貨幣市值開始下降。在短短五週內，加密貨幣的總市值從3.7萬億美元下降到2.8萬億美元。

This suggests that investors are no longer using Bitcoin as a safe store of value. Instead, they are selling their crypto holdings during uncertain times and shifting their money elsewhere, especially into gold.

這表明投資者不再使用比特幣作為安全的價值存儲。取而代之的是，他們在不確定的時期出售了加密貨幣，並將錢轉移到其他地方，尤其是黃金。

Bitcoin ETF Outflows And Liquidity Issues

比特幣ETF流出和流動性問題

Another factor affecting Bitcoin is the massive selling pressure coming from Bitcoin ETFs. These ETFs, which allow investors to buy Bitcoin through traditional stock markets, have seen record outflows recently.

影響比特幣的另一個因素是來自比特幣ETF的巨大銷售壓力。這些ETF允許投資者通過傳統股票市場購買比特幣，最近已經看到了紀錄的流出。

On Feb. 27, Bitcoin ETFs saw a $1 billion outflow, which was the biggest single-day withdrawal in history. In the past six days, a total of $2.1 billion has been withdrawn from Bitcoin ETFs. Most of these outflows have come from retail investors, who seem to be losing confidence in Bitcoin.

2月27日，比特幣ETF的流出額10億美元，這是歷史上最大的單日撤離。在過去的六天中，比特幣ETF撤回了總計21億美元。這些流出大多數來自散戶投資者，他們似乎對比特幣失去了信心。

The problem with large ETF outflows is that they reduce market liquidity. In essence, liquidity refers to how easily Bitcoin can be bought and sold without affecting its price too much. When liquidity drops, Bitcoin’s price becomes more volatile.

大型ETF流出的問題是它們降低了市場流動性。從本質上講，流動性是指在不影響其價格的情況下可以輕鬆購買和出售比特幣。當流動性下降時，比特幣的價格變得更加波動。

During major ETF outflows, Bitcoin’s price can drop by more than $5,000 in just minutes, making it an unpredictable asset.

在主要ETF流出期間，比特幣的價格在短短幾分鐘內就可以下跌超過5,000美元，這使其成為不可預測的資產。

Bitcoin And Gold Are No Longer Moving Together

比特幣和黃金不再在一起

One of the biggest changes in financial markets is how Bitcoin and gold are performing. In the past, Bitcoin and gold were seen as substitutes, meaning that they moved in similar directions. When gold went up, Bitcoin usually went up as well, and when gold went down, Bitcoin usually followed.

金融市場的最大變化之一是比特幣和黃金的表現。過去，比特幣和黃金被視為替代品，這意味著它們朝著相似的方向移動。當黃金上升時，比特幣通常也會上升，當黃金下降時，通常會隨後比特幣。