比特币突破新高度，将其相对黄金的比率推至创纪录水平

随着机构在年底继续涌入数字资产，比特币的代码将其最大供应量限制为 2100 万个代币。

Bitcoin’s record-breaking rally this week has seen its ratio against gold hit new highs as institutions continue to pile into the digital asset ahead of the year-end.

随着机构在年底前继续涌入数字资产，比特币本周破纪录的涨势使其与黄金的比率创下新高。

The ratio, which measures how many ounces of gold one Bitcoin can buy, hit an unprecedented 37.3 on Monday, indicating that one Bitcoin can now buy around 37 ounces of gold—a new historic high.

该比率衡量一个比特币可以购买多少盎司黄金，周一触及史无前例的 37.3，这表明一个比特币现在可以购买约 37 盎司黄金，创下历史新高。

The reading is now around half a point higher than the peak seen during the height of crypto’s last bull run in November 2021 at 36.7.

目前该读数比 2021 年 11 月加密货币上一次牛市高峰期间的峰值 36.7 高出约半个点。

“Hitting a new high signals the continued adoption and maturation of Bitcoin as an asset class,” Sidney Powell, CEO and co-founder of institutional capital marketplace Maple Finance, told Decrypt. “We expect to see the ratio catch up based on the tailwinds of ETF inflows, which history shows increase over time, and bitcoin increasingly being viewed as a staple part of balanced portfolios.”

机构资本市场 Maple Finance 首席执行官兼联合创始人西德尼·鲍威尔 (S​​idney Powell) 告诉 Decrypt：“达到新高标志着比特币作为一种资产类别的持续采用和成熟。” “我们预计这一比率将在 ETF 流入的推动下迎头赶上，历史表明，随着时间的推移，流入量会不断增加，而且比特币越来越被视为平衡投资组合的主要组成部分。”

The ratio is calculated by dividing Bitcoin’s price by the spot price of gold per ounce, and it usually serves as an indicator for comparing the relative strength and investor preference between the two assets.

该比率的计算方法是将比特币的价格除以每盎司黄金的现货价格，它通常作为比较两种资产之间的相对强度和投资者偏好的指标。

The ratio highlights Bitcoin’s status as digital gold, positioning it as an “increasingly favored store of value over traditional gold,” Singapore-based digital asset trading firm QCP Capital wrote in a note on Monday.

总部位于新加坡的数字资产交易公司 QCP Capital 周一在一份报告中写道，这一比率凸显了比特币作为数字黄金的地位，将其定位为“比传统黄金更受青睐的价值储存手段”。

However, traders still tend to opt for gold during times of uncertainty over Bitcoin, which has become more correlated to traditional markets, partly due to the approval of U.S. Bitcoin exchange-traded funds in January.

然而，在比特币存在不确定性的时期，交易者仍然倾向于选择黄金，比特币与传统市场的相关性变得更强，部分原因是一月份美国比特币交易所交易基金获得批准。

Global Bitcoin ETF assets under management have reached $119 billion, according to data from Coinglass. This is less than half of gold-backed ETFs’ $290 billion as of November 2024, according to data from the World Gold Council.

Coinglass 的数据显示，全球比特币 ETF 管理资产已达 1190 亿美元。根据世界黄金协会的数据，截至 2024 年 11 月，这还不到黄金 ETF 规模 2900 亿美元的一半。

Bitcoin’s code caps its maximum supply at 21 million tokens and includes halving events that reduce the new supply by 50% periodically, ensuring the final Bitcoin won’t be minted until approximately 2140.

比特币的代码将其最大供应量限制为 2100 万个代币，并包括定期将新供应量减少 50% 的减半事件，确保最终的比特币直到大约 2140 年才会被铸造。

This programmed scarcity contrasts with gold’s continuous mining production, although both assets are often compared as stores of value due to their limited supply characteristics.

这种程序化的稀缺性与黄金的持续开采生产形成鲜明对比，尽管这两种资产由于其供应有限的特征而经常被视为价值储存手段。

Moreover, while gold maintains lower volatility—around 20% annually—and benefits from its 3,500-year history as a traded asset, Bitcoin offers higher return potential despite more significant price swings, with volatility near 50%.

此外，虽然黄金保持较低的波动性（每年约 20%），并受益于其作为交易资产 3,500 年的历史，但比特币尽管价格波动更大，波动性接近 50%，却提供了更高的回报潜力。

Edited by Sebastian Sinclair

塞巴斯蒂安·辛克莱编辑