機構投資者質疑比特幣與科技股之間日益增長的相關性

Sygnum Bank最近在市場表現不佳的情況下質疑比特幣（BTC）的“數字黃金”敘事。

The narrative of Bitcoin (BTC) as “digital gold” has been questioned by Sygnum Bank amid the cryptocurrency’s lagging performance in the market,

在加密貨幣在市場上的滯後性能中，比特幣（BTC）作為“數字黃金”的敘述已受到質疑

This comes as the Swiss digital asset bank observed that BTC's price movements have been closely tracking those of high-risk tech stocks, rather than showing the expected lack of correlation with traditional markets as a safe haven asset.

這是因為瑞士數字資產銀行觀察到，BTC的價格變動一直在密切跟踪高風險技術股票的價格，而不是表明與傳統市場作為避風港資產的預期缺乏相關性。

Sygnum Bank noted that the flagship cryptocurrency has been positioning itself as the poster boy of the crypto market.

Sygnum Bank指出，旗艦加密貨幣一直將自己定位為加密市場的海報男孩。

Its analysis follows recent commentary from Barstool Sports founder Dave Portnoy, who has also expressed skepticism over the growing correlation between Bitcoin and tech stocks.

它的分析是在Barstool Sports創始人Dave Portnoy的最新評論之後，他對比特幣與技術股票之間日益增長的相關性表示懷疑。

“If the point of Bitcoin is to be independent of the US Dollar and non-regulated, why does it basically trade exactly like the US stock market nowadays?” asked Portnoy on X.

“如果比特幣的目的要獨立於美元和不受監管的獨立，為什麼它基本上像美國股票市場一樣呢？” X上的Portnoy問。

“Market up, Bitcoins up. Market down, Bitcoin down.”

“市場上漲，比特幣上漲。市場下降，比特幣下降。”

Strategy Executive Chairman Michael Saylor Explains Latest Criticisms on BTC

戰略執行董事長邁克爾·賽勒（Michael Saylor）解釋了對BTC的最新批評

In response to Portnoy’s observation, Michael Saylor, a Bitcoin maxi (maximalist) and co-founder of the most successful Bitcoin development company by far, chimed in with an explanation.

為了回應Portnoy的觀察，邁克爾·塞勒（Michael Saylor），一位比特幣Maxi（Maximalist），也是迄今為止最成功的比特幣開發公司的聯合創始人，並進行了解釋。

According to Strategy’s executive chair, BTC trades like a risk asset in the short-term because it’s the most liquid, salable, 27/4 asset on earth.

根據戰略的執行主席的說法，BTC在短期內像風險資產一樣交易，因為它是地球上最易於銷售的27/4資產。

This allows traders and investors to sell their BTC holdings whenever possible, especially during market panic. Hence, it’s vulnerable to the short-term knee-jerk reaction from holders. However, the same does not hold true in Bitcoin’s long-term actions.

這使貿易商和投資者可以盡可能出售其BTC持股，尤其是在市場恐慌期間。因此，它容易受到持有人的短期膝蓋反應。但是，在比特幣的長期行動中，情況並非如此。

Historical data shows that Bitcoin has always achieved new all-time highs at each halving cycle every four years. In its first halving, the crypto asset spiked over $1K. Then, it exceeded $10K in the second cycle and $69K in the third cycle.

歷史數據表明，比特幣在每四年的每個減半週期中始終達到新的歷史最高點。在首次減半的情況下，加密資產飆升了1,000美元。然後，第二週期中它超過了$ 100K，在第三個週期中超過了$ 69K。

Currently, Bitcoin is in its fourth halving cycle. Thanks to its broader institutional adoption and optimism following the win of the first pro-crypto president in the US, it managed to log a new ATH of $109K last January.

目前，比特幣正處於第四個減半週期。由於其在美國第一任親克萊托普（Crypto）總統的勝利之後，由於其更廣泛的機構採用和樂觀態度，它於去年1月設法登記了新的10.9萬美元的ATH。