比特币（BTC）徘徊在85,000美元以下，跟踪股票指数和技术领域的行为。

在过去的几周中，领先的硬币与黄金急剧分离，因为贵金属创造了新的价格记录。

The price of Bitcoin (BTC) hovered below the $85,000 level on March 13, continuing to track the behavior of stock indexes and the tech sector. The leading coin decoupled sharply from gold in the past few weeks, as the precious metal set new price records.

比特币（BTC）的价格徘徊在3月13日的85,000美元以下，继续跟踪股票指数和技术领域的行为。在过去的几周中，领先的硬币与黄金急剧分离，因为贵金属创造了新的价格记录。

Bitcoin decoupled sharply from gold, signaling its status as a store of value may be vulnerable to short-term fluctuations and aggressive trading. Gold set a series of new records, gaining attention from mainstream markets, while BTC continued its series of aggressive derivative trading with some spot selling pressure.

比特币与黄金急剧分离，表明其作为价值存储的地位可能容易受到短期波动和积极交易的影响。 Gold创造了一系列新的记录，引起了主流市场的关注，而BTC则继续其一系列积极的衍生品交易，并带有某种销售压力。

The recent decoupling of BTC and gold made even maximalists question why the leading crypto coin was not seen as digital gold.

BTC和Gold最近的脱钩甚至使最大化主义者质疑为什么不被视为数字黄金的主要加密硬币。

The fact that gold is soaring and a superior form of gold, the digital gold Bitcoin is dumping is something I will never understand.

我永远不会理解的是黄金飞涨和一种优越的黄金形式，即数字黄金比特币正在倾倒。

I know Bitcoin trades like a tech stock, but I'll never be able to understand the reasoning for it.

我知道比特币像科技股一样的交易，但是我永远无法理解它的推理。

— WhalePanda (@WhalePanda) March 13, 2025

- Whalepanda（@whalepanda）2025年3月13日

The one advantage of BTC is that it is capable of rallying more sharply and delivering higher returns for early investors. However, gold also shows it is not forgotten during periods of uncertainty.

BTC的一个优点是它能够更加迅速地集结并为早期投资者带来更高的回报。但是，黄金还表明，在不确定性时期，它并没有被遗忘。

Gold crossed $20 trillion in total market capitalization. At this valuation, BTC would have to command a price of $1M per coin, a valuation that seems unrealistic during the current market downturn. Despite the initially sluggish gold appreciation compared to BTC rallies, the metal has in fact outperformed BTC and given more short-term stability.

黄金的总市值跨越了20万亿美元。在这一估值下，BTC必须指定每枚硬币100万美元的价格，这一估值在当前的市场低迷时期似乎是不现实的。尽管与BTC集会相比，最初的黄金升值最低，但金属实际上表现优于BTC，并且给出了更多的短期稳定性。

Gold reaches new price records on demand for store of value

黄金达到新的价格记录，要求存储价值

Gold traded at $2,983.36 after the rapid expansion from March 10 onward. Geopolitical insecurity and rising demand extended gold’s gains to 34% for the past year, with even more accelerated gains in the past three months. Gold may also be vulnerable to selling and pressure from the holders of paper contracts, but for now, the market retains its momentum.

从3月10日开始迅速扩张后，黄金的交易价格为2,983.36美元。在过去的三个月中，地缘政治不安全感和需求上升将黄金的增长幅度扩大到34％，在过去三个月中的加速增长更高。黄金也可能容易受到纸质合同持有人的销售和压力的影响，但就目前而言，市场保留了其势头。

XAUUSD one-hour price chart. Source/TradingView

Xauusd一个小时的价格图。来源/交易视图

BTC is also capable of rapid rallies, but most of the bullish sentiment has dissipated. BTC is still widely held for the long term, but new buying does not reflect the demand for an asset to serve as a secure reserve.

BTC也能够快速集会，但大多数看涨情绪已经消失。长期以来，BTC仍然被广泛持有，但是新购买并不能反映对资产作为安全储备的需求。

BTC faced downward pressure and dipped to $80,804.56 again, erasing the previous gains above $84,000. BTC remains pressured by panic sellers near the lows, as well as large daily long liquidations.

BTC面临着向下压力，再次下降到80,804.56美元，从而消除了以前的$ 84,000的收益。 BTC仍然受到低点附近的恐慌卖家的压力，以及大量的每日清算。

BTCUSDT one-hour price chart. Source/TradingView

BTCUSDT价格图一小时。来源/交易视图

Demand for gold has spilled over to silver, trading over $34 per ounce. Silver has not yet reached its previous all-time highs of over $46 per ounce, but this time around, the rally has more consistent trading volumes.

对黄金的需求已溢出至白银，每盎司超过34美元。白银尚未达到以前的每盎司超过46美元的历史高峰，但是这次，集会的交易量更高。

BTC and gold lose correlation

BTC和黄金失去相关性

During previous local price peaks, BTC reached moments when one coin could buy over 1,000 grams of gold. The recent gold rally erased that correlation, and BTC can now buy a little lower than 1,000 grams.

在以前的本地价格高峰期，BTC达到了一枚硬币可以购买1000克黄金的时刻。最近的黄金集会消除了这种相关性，而BTC现在可以购买略低于1,000克。

In the past month, BTC has been more closely correlated with S&P500 and NASDAQ than with gold. Historically, in some periods all assets move up or down together, but this time, gold stood out and once again approached the $3,000 level.

在过去的一个月中，BTC与S＆P500和NASDAQ的相关性与黄金更加紧密相关。从历史上看，在某些时期，所有资产都一起上升或下降，但是这次，黄金脱颖而出，再次接近了3,000美元的水平。

BTC moved in unison with stock indexes, losing its correlation to gold. | Source: TheBlock Pearson Correlation

BTC与股票指数一致，失去了与黄金的相关性。 |资料来源：The Block Pearson相关性

Gold is also showing signs of physical demand through the Comex vault, and the current rally is not speculative trading for paper contracts. The Comex vaults have reached a peak at 1,250 tonnes of physical gold delivered.

黄金还通过Comex Vault显示出物理需求的迹象，目前的集会不是纸质合同的投机交易。 COMEX拱顶已经达到了1,250吨实物黄金的峰值。

US-based demand is also bringing physical gold into the USA from European vaults, creating an additional sense of scarcity.

基于美国的需求也将实物黄金从欧洲的金库带入美国，从而造成了另外的稀缺感。

At the same time, the talk of a crypto strategic reserve has slowed down, as BTC shows there are still enough sellers to depress the price. In theory, BTC is more scarce per person compared to gold, yet easily available physical gold remains limited, raising the spot price.

同时，关于加密战略储备的讨论却放慢了速度，因为BTC表明仍然有足够的卖家来降低价格。从理论上讲，与黄金相比，BTC每人更稀缺，但很容易获得的物理黄金仍然有限，从而提高了现货价格。

The crypto space has attempted to offer tokenized gold. However, the available tokens are still a niche type of asset. Tokenized gold has a valuation of only $1.8B, with most of the value carried by Tether’s XAUT token.

加密空间试图提供令牌黄金。但是，可用的代币仍然是一种利基类型的资产。令牌黄金的估值仅为$ 1.8B，大部分价值由Tether的Xaut代币承载。