避行状态的战斗：黄金与比特币

随着新闻造成全市崩溃的原因，比特币也下降了6％，低至81,488美元。

President Trump will be announcing and implementing tariffs against 25 countries on April 2, which he has called Liberation Day. These tariffs will change the structure of global trade, as the tariffed countries will likely implement their own countermeasures. The Trump administration has even stated that it might impose heavier tariffs on some countries, escalating even more.

特朗普总统将于4月2日对25个国家 /地区宣布并实施关税，他称这是解放日。这些关税将改变全球贸易的结构，因为受关税的国家可能会实施自己的对策。特朗普政府甚至表示，它可能会对某些国家征收更大的关税，甚至更多地升级。

As this news came out over the weekend, the risk markets, such as crypto and stocks, fell. S&P 500 dropped 3.5% and the Nasdaq 100 saw a 5% decrease in value. Meanwhile, gold surged 4%, marking an all-time high of $3,150 per ounce.

随着这个消息在周末发布，加密货币和股票等风险市场下降了。标普500下降了3.5％，纳斯达克100降低了价值5％。同时，黄金飙升了4％，标志着每盎司3,150美元的历史最高点。

Gold vs. Bitcoin: The Battle for Safe-Haven Status

黄金与比特币：为避行状态的战斗

As the news caused a market-wide crash, Bitcoin also saw a 6% decrease, going as low as $81,488. As such, this showed that BTC could not yet be used as a hedge against economic crisis. This ignited the discussions about BTC’s value and reliability, as many questioned whether it is better to buy Bitcoin or gold. Although Bitcoin is not yet a reliable hedge, it has a dynamic nature and is still subject to progress. Until recent years, no country would have used this digital asset as a reserve.

随着新闻造成全市崩溃的原因，比特币也下降了6％，低至81,488美元。因此，这表明BTC尚不能用作抵抗经济危机的对冲。这点了有关BTC的价值和可靠性的讨论，因为许多人质疑购买比特币还是黄金是更好的。尽管比特币还不是可靠的树篱，但它具有动态的性质，并且仍在进步。直到近年来，任何国家都会将该数字资产用作储备。

However, gold is currently one of the best investments as it has recorded higher growth than the S&P 500. This stock bundle has seen a 5% decrease since the start of the year, while gold has seen a 17% increase. However, this is heavily affected by the US economy, as its consumer sentiment has fallen 20 points. This puts the current US consumer sentiment at a level close to the data recorded in 2008. Additionally, as the threat of a global trade war becomes more acute, investors have poured significant capital into gold ETFs.

但是，黄金目前是最佳投资之一，因为它的增长率高于标准普尔500指数。自今年年初以来，该股票捆绑包下降了5％，而黄金增长了17％。但是，这受到美国经济的严重影响，因为其消费者情绪下降了20分。这使当前的美国消费者情绪处于接近2008年记录的数据的水平。此外，随着全球贸易战的威胁变得更加敏锐，投资者将大量资本投入了黄金ETF中。

Graph 1 – Provided by Bloomberg, published on TradingView, April 1, 2025

图1 - 由彭博（Bloomberg

As highlighted in Graph 1, the gold ETFs have experienced over $12 billion of capital inflows. Based on the reports, this extraordinary development breaks a 5-year record. This is because 2020 marks the last time such a significant amount of capital was injected into the gold funds. Additionally, based on the Matrixport data, the short-term price movement of Bitcoin is still largely shaped by macroeconomic factors. This is because the price movement of BlackRock’s spot Bitcoin ETF has a 70% correlation with the Nasdaq 100’s price movement.

正如图1中强调的那样，黄金ETF经历了超过120亿美元的资本流入。根据报告，这种非凡的发展打破了5年的记录。这是因为2020年是最后一次注入黄金基金的资本。此外，根据基质港数据，比特币的短期价格转移仍然在很大程度上受宏观经济因素的影响。这是因为贝莱德比特币ETF的价格转移与纳斯达​​克100的价格变动有70％的相关性。

A $114.5B Drop: Are Bitcoin ETPs Still Just Hype?

$ 114.5B的下降：比特币ETP是否只是炒作？

If we analyse the Bitcoin ETF data more in detail, we can see the exact correlation. For instance, March 28 marks the date that both stocks and Bitcoin ETFs fell. After these products experienced a week of inflows, they saw a $93 million exodus on this day. Bitcoin ETP’s asset

如果我们更详细地分析比特币ETF数据，则可以看到确切的相关性。例如，3月28日标志着股票和比特币ETF的日期。在这些产品经历了一周的流入之后，他们今天看到了9300万美元的出埃及记。比特币ETP的资产