昨天由於輕度通貨膨脹數據而進行了少量反彈之後，美國股票在周四再次急劇下降，它似乎將比特幣（BTC）拖延了下來

截至一天結束時，納斯達克島下跌了近2％，標準普爾500指數下跌了1.39％。在前一天達到近85,000美元之後，比特幣跌至81,000美元以下

After a small rebound yesterday due to mild inflation data, US stocks fell sharply again on Thursday, and it seemed to drag Bitcoin (BTC) down with it.

昨天由於輕度通貨膨脹數據而進行了小反彈之後，美國股票在周四再次急劇下降，似乎將比特幣（BTC）拖到了它。

As of the close of the day, the Nasdaq fell nearly 2%, and the S&P 500 fell 1.39%. After hitting nearly $85,000 the day before, Bitcoin has fallen back below $81,000, down nearly 3% in the past 24 hours. However, gold has continued to demonstrate its safe-haven properties, with spot gold prices hitting record highs and, at the time of writing, just one step away from breaking through $3,000 per ounce for the first time.

截至一天結束時，納斯達克島下跌了近2％，標準普爾500指數下跌了1.39％。在前一天達到近85,000美元後，比特幣跌至81,000美元以下，過去24小時下降了近3％。但是，黃金繼續證明其安全的物業，現貨黃金價格達到創紀錄的高點，並且在寫作時，距離首次達到每盎司3,000美元的損失只有一步。

Since the Nasdaq peaked three weeks ago, the index has fallen nearly 15%. During the same period, gold has risen about 1% and Bitcoin has fallen nearly 20%.

自從納斯達克三週前達到頂峰以來，該指數下降了近15％。在同一時期，黃金增加了約1％，比特幣下降了近20％。

A familiar scene

一個熟悉的場景

Gold's current performance may remind everyone of the situation in 2024. At that time, cryptocurrencies and US stocks were trading sideways, while gold hit new highs. Between March and October, Bitcoin fluctuated between $50,000 and $70,000, while gold rose nearly 40% to $2,800. With Trump's election, Bitcoin soared to more than $100,000, while gold's gains stagnated as funds flowed from safe-haven assets to risky assets.

Gold目前的表現可能使每個人在2024年的情況。在3月至10月之間，比特幣在50,000美元至70,000美元之間波動，而黃金上漲了近40％，至2,800美元。隨著特朗普的當選，比特幣飆升至100,000美元以上，而當資金從避風者資產流向風險資產時，黃金的收益停滯不前。

Now the situation has changed. Bold.report data shows that gold ETFs have recorded the largest inflows since the beginning of 2022 in the past 30 days, increasing gold holdings by 3 million ounces.

現在情況已經改變。 BOLD.RERPORT數據顯示，黃金ETF在過去30天內的2022年初以來的流入量最大，將黃金持有量增加了300萬盎司。

In contrast, SoSoValue data shows that U.S. spot Bitcoin ETFs have seen outflows of $5 billion since February, setting a record for the worst outflow in a year.

相比之下，Sosovalue數據表明，自2月以來，美國現貨比特幣ETF的流出價為50億美元，創造了一年中最差流出的記錄。

Crypto market trading volume and futures activity have both seen a significant decline. According to CoinDesk statistics, trading activity on centralized exchanges (CEX) has fallen sharply, with spot and derivatives trading volumes falling 20.6% to $7.20 trillion, the lowest level since October last year.

加密市場交易量和期貨活動都大幅下降。根據Coindesk統計數據，集中交易所（CEX）的交易活動急劇下降，現貨和衍生品交易量下降了20.6％，至7.20萬億美元，這是自去年10月以來的最低水平。

CME Bitcoin futures volume also fell 20.3% to $175 billion, causing CME's total cryptocurrency trading volume to fall 19.9% to $229 billion. This was the first decline in five months and was consistent with the downward trend of the BTC CME annualized basis. Currently, the BTC CME annualized basis has fallen to 4.08%, the lowest level since March 2023.

CME比特幣期貨量也下降了20.3％，至1.75億美元，導致CME的總加密貨幣交易量下降了19.9％，至229億美元。這是五個月內的第一次下降，與BTC CME年度化的下降趨勢一致。目前，BTC CME年化基礎已降至4.08％，這是自2023年3月以來的最低水平。

Bitcoin = Gold for Adolescence?

比特幣=青春期的黃金？

This isn’t the first time Bitcoin has decoupled from the definition of a safe haven asset. During the COVID-induced market crash in 2020, Bitcoin plunged more than 50% in two days. Still, the narrative of digital gold has been mentioned repeatedly in recent years.

這不是比特幣第一次與避風港資產的定義解耦。在2020年共同引起的市場崩潰中，比特幣在兩天內跌幅超過50％。儘管如此，近年來反复提到了數字黃金的敘述。

In particular, the Trump administration mentioned the safe-haven potential of Bitcoin in its executive order and plans to establish a national Bitcoin reserve. The core of this argument is that by reserving Bitcoin, financial instability can be hedged, which is similar to the logic of reserving gold and oil.

特別是，特朗普政府提到了比特幣在其行政命令中的避風勢潛力，併計劃建立國家比特幣儲備。該論點的核心是，通過保留比特幣，可以對沖金融不穩定，這類似於保留黃金和石油的邏輯。

However, some people are more cautious. Eric Balchunas, an analyst at Bloomberg Intelligence, once compared Bitcoin to "hot pepper sauce" in investment, believing that it can add some "flavor" to traditional stock and bond portfolios. Compared with other high-risk assets, what attracts him to Bitcoin is "the narrative behind it about hedging against the depreciation of the US dollar."

但是，有些人更加謹慎。彭博情報局的分析師埃里克·巴爾庫納斯（Eric Balchunas）曾經將比特幣與投資中的“胡椒醬”進行了比較，他認為它可以為傳統股票和債券投資組合增加一些“風味”。與其他高風險資產相比，吸引他比特幣的是“背後的敘述是關於對沖美元折舊的習慣”。

“For me, Bitcoin is like gold in its adolescence,” Balchunas said.

“對我來說，比特幣就像黃金的青春期一樣，” Balchunas說。

Some market observers also pointed out that Bitcoin's performance is more like an over-glorified technology stock than digital gold. Nate Geraci, president of ETF Store, said on the X platform: "If Bitcoin is equivalent to 'digital gold', then it should behave like gold. Otherwise, it will reinforce the argument that Bitcoin is just a highly volatile asset. In my opinion, most cryptocurrencies are equivalent to technology stocks, so they are and will continue to be affected by the sell-off of technology stocks."

一些市場觀察家還指出，比特幣的性能更像是一種過度氯化的技術庫存，而不是數字黃金。 ETF Store總裁Nate Geraci在X平台上說：“如果比特幣等同於'數字黃金'，那麼它應該像黃金一樣行事。否則，它將加強這樣的論點，即比特幣只是一個高度波動的資產。我認為，大多數加密貨幣等於技術股票，因此他們在技術庫存中將繼續受到技術的影響，因此，技術的銷售銷售。

Balanced Configuration

平衡配置

It is not surprising that gold outperforms Bitcoin. After all, gold has a history of wealth preservation for hundreds of years and is a globally recognized safe-haven asset. In contrast, although Bitcoin has performed poorly recently, its long-term potential is still worth paying attention to. For investors who want to diversify their investment risks, simultaneous allocation may be an effective strategy.

黃金優於比特幣也就不足為奇了。畢竟，黃金擁有數百年的財富保存歷史，並且是全球公認的避風港資產。相比之下，儘管比特幣最近的表現較差，但其長期潛力仍然值得關注。對於想要使投資風險多樣化的投資者，同時分配可能是一個有效的策略。

Gold's appeal lies in its low volatility and its role as a hedge against economic uncertainty. Data shows that last year, gold's long-term volatility was only 15%, while Bitcoin's volatility was as high as 40%. However, Bitcoin's

黃金的吸引力在於其低波動率和作為對沖經濟不確定性的作用。數據顯示，去年，Gold的長期波動僅為15％，而比特幣的波動率高達40％。但是，比特幣的