比特币[BTC]违反了通常的模式，并飙升超过$ 90,000，反映了黄金的性能

比特币（BTC）以不断增长的市场焦虑为标志的一周，违反了其通常的模式，并飙升了90,000美元，反映了Gold的表现而不是美国股票。

In a week marked by growing market anxiety, Bitcoin [BTC] defied its usual patterns and surged past $90,000, mirroring gold’s performance rather than U.S. stocks.

比特币（BTC）以不断增长的市场焦虑为标志的一周，违反了其通常的模式，并飙升了90,000美元，反映了Gold的表现而不是美国股票。

As the S&P 500 dropped by 5% and the tech-heavy Nasdaq tumbled 6%, Bitcoin climbed nearly 5%, catching traders’ attention as a possible “safe haven” asset.

随着标准普尔500指数下降了5％，而技术繁重的纳斯达克跌落6％，比特币攀升了近5％，引起了交易者的注意，这是可能的“避风港”资产。

This decoupling is noteworthy. Usually, Bitcoin moves in sync with equity markets during risk-on cycles. However, now, its behavior suggests it may be breaking away from that trend—possibly signaling a shift in how investors view crypto during global economic turbulence.

这种脱钩值得注意。通常，比特币在风险循环中与股票市场同步。但是，现在，它的行为表明它可能正在摆脱这种趋势，这可能表明投资者在全球经济动荡期间如何看待加密货币的转变。

From Risk-On to Safe Haven: A New Role for BTC ?

从风险登机到避风港：BTC的新角色？

This shift in Bitcoin’s behavior became more evident around mid-April.

4月中旬，比特币行为的这种转变变得更加明显。

If we look at the 30-day BTC Pearson Correlation with major market indexes, we can see that BTC had been tightly tracking U.S. equities since February.

如果我们查看30天的BTC Pearson与主要市场指数的相关性，我们可以看到BTC自2月以来一直在跟踪美国股票。

However, that changed on April 15, when Bitcoin began diverging from the S&P 500 and instead started moving in line with gold.

但是，这在4月15日发生了变化，当时比特币开始与标准普尔500指数分歧，而是开始与黄金保持一致。

This pivot suggests that Bitcoin is now being seen less as a speculative asset and more like a store of value—especially in the face of macroeconomic stress. For many, this transformation places Bitcoin in the same league as gold: a hedge against uncertainty and weakening fiat currencies.

这个枢纽表明，现在比特币被视为投机性资产，更像是一种价值的存储，尤其是面对宏观经济压力。对于许多人来说，这种转型将比特币与黄金相同的联盟：反对不确定性和削弱法定货币的对冲。

Trump-Fed Drama Fuels Market Instability

特朗普喂的戏剧燃料市场不稳定

One of the main triggers behind this shift has been the ongoing tension between former President Donald Trump and the Federal Reserve.

这一转变背后的主要触发因素之一是前总统唐纳德·特朗普与美联储之间的持续紧张关系。

Trump’s public threats to remove Fed Chair Jerome Powell over delayed interest rate cuts have unsettled markets and raised concerns about political interference in monetary policy.

特朗普对撤离美联储董事长杰罗姆·鲍威尔（Jerome Powell）的公众威胁因降低利率的延迟而引起了不安的市场，并引起了人们对政治干预货币政策的担忧。

This erosion of confidence in U.S. economic leadership has pushed investors to seek safety elsewhere. Both gold and Bitcoin have benefited from this flight, with gold reaching an all-time high of $3,500 per ounce and Bitcoin rallying hard in tandem.

对美国经济领导的信心侵蚀促使投资者在其他地方寻求安全。黄金和比特币都从这次飞行中受益，黄金的历史最高点为每盎司3500美元，比特币在同时进行了艰苦的集会。

Experts Weigh In on BTC Breakout

专家们重视BTC突破

Commenting on the situation, FundStrat CIO Tom Lee told CNBC : “BTC is going to catch up to gold. Its ATH was over $100K. There’s room to catch up as a non-dollar asset.”

Fundstrat Cio Tom Lee在评论情况下对CNBC表示：“ BTC将赶上黄金。它的ATH超过10万美元。有空间可以作为非美元资产赶上。”

He believes the recent shakeout in dollar-based markets could actually help Bitcoin gain more traction moving forward.

他认为，最近基于美元市场的摇晃实际上可以帮助比特币获得更多的牵引力。

Meanwhile, Galaxy Digital’s Head of Research Alex Thorn acknowledged the significance of Bitcoin’s detachment from equities but warned it might not last forever.

同时，Galaxy Digital的研究主管Alex Thorn承认比特币与股票的脱离的意义，但警告说，它可能不会永远持续下去。

Temporary decoupling, he explained, often happens during sharp macro shifts but usually realigns over time.

他解释说，暂时的脱钩经常发生在尖锐的宏观变化期间，但通常会随着时间的流逝而重新调整。

Looking Ahead: A Defining Moment for BTC

展望未来：BTC的决定性时刻

While Bitcoin has trailed gold for most of 2025, falling over 35% year-to-date, its recent behavior could mark the beginning of a trend reversal.

虽然比特币在2025年的大部分时间里都落后于黄金，从而下降了35％以上，但其最近的行为可能标志着趋势逆转的开始。

As investors continue pulling out of U.S. stocks and the dollar, BTC might benefit from a broader “risk-off” rotation.

随着投资者继续退出美国股票和美元，BTC可能会受益于更广泛的“冒险”轮换。

Whether Bitcoin will sustain this new role as a digital safe haven remains to be seen. But as market conditions evolve and traditional assets face mounting challenges, BTC’s growing alignment with gold might just be the narrative shift crypto needed to regain momentum.

比特币是否会担任数字避风港的新角色还有待观察。但是，随着市场状况的发展和传统资产面临越来越多的挑战，BTC与黄金的日益一致可能只是叙事转变加密货币所需的势头。