比特币（BTC）可能已经超过其状态，只是对冲传统金融风险的对冲

比特币BTC/USD可能已经超过了其状态，因为对冲传统的金融风险，并且越来越像纳斯达克的技术股票一样

Standard Chartered's Head of Digital Asset Research, Geoffrey Kendrick, says in a note shared with Benzinga that an analysis of Bitcoin's short-term trading behavior suggests the cryptocurrency may have outgrown its status as just a hedge against traditional finance risks and is increasingly behaving like a Nasdaq-listed tech stock.

Standard Charter的数字资产研究负责人Geoffrey Kendrick在与Benzinga分享的一份票据中说，对比特币短期交易行为的分析表明，加密货币可能已经超过了其对传统融资风险的对冲，并且越来越像纳斯达克大学的技术库存一样。

What Happened: In a note shared Monday, Kendrick highlighted how Bitcoin's short-term trading patterns are highly correlated to the Nasdaq Composite, suggesting BTC is serving a dual role in modern portfolios.

发生的事情是：在周一分享的一张票据中，肯德里克强调了比特币的短期交易模式如何与纳斯达克综合材料高度相关，这表明BTC在现代投资组合中发挥了双重作用。

While Bitcoin has long been positioned as a buffer against TradFi turbulence—such as the Silicon Valley Bank collapse in March 2023—the report finds that, on shorter timelines, the cryptocurrency moves closely in tandem with U.S. technology stocks.

长期以来，比特币长期以来一直被定位为防止Tradfi湍流（例如2023年3月的硅谷银行倒塌），该报告发现，在较短的时间表上，加密货币与美国技术库存紧密相连。

To illustrate this, Standard Chartered created a hypothetical index dubbed “Mag 7B,” which inserts Bitcoin into the popular “Magnificent 7” tech-stock basket while removing Tesla.

为了说明这一点，标准特许创建了一个名为“ MAG 7B”的假设索引，该索引将比特币插入流行的“宏伟的7”技术储备篮中，同时删除特斯拉。

According to Kendrick, this modified index generates both higher returns and lower volatility compared to the original Mag 7.

根据肯德里克（Kendrick）的说法，与原始MAG 7相比，该修改后的指数同时产生更高的回报和更低的波动率。

“We find that Mag 7B has both higher returns and lower volatility than Mag 7,” Kendrick wrote, adding that the findings suggest Bitcoin can serve as both a TradFi hedge and a technology stock proxy.

肯德里克（Kendrick）写道：“我们发现MAG 7B既比MAG 7都具有更高的回报和更低的波动性。”他补充说，这些发现表明比特币可以作为Tradfi Hedge和技术股票代理。

The “Magnificent 7” typically includes leading tech names such as Apple, Microsoft, Amazon, Meta, Alphabet, Nvidia, and Tesla TSLA.

“宏伟的7”通常包括苹果，微软，亚马逊，元，字母，Nvidia和Tesla TSLA等领先的技术名称。

By swapping Tesla for Bitcoin, Kendrick argues the new “Mag 7B” index provides investors with a portfolio that is more resilient and potentially more profitable.

通过将特斯拉换成比特币，肯德里克认为，新的“ MAG 7B”指数为投资者提供了一种更具弹性且潜在利润的投资组合。

According to internal analysis at Standard Chartered, shifting from the original Mag 7 to Mag 7B over the past year would have resulted in around 16% lower portfolio volatility and nearly 6% higher total returns.

根据标准特许的内部分析，过去一年中从原始的MAG 7转移到MAG 7B将导致投资组合波动率降低约16％，总回报率提高了近6％。

“This is despite the fact that Mag 7B has no bond allocation, while we estimate that a balanced portfolio would typically allocate around 60% to bonds,” Kendrick stated.

肯德里克说：“这是尽管MAG 7B没有债券分配，但我们估计平衡的投资组合通常会分配60％的债券。”

Why It Matters: As Bitcoin's presence in institutional portfolios continues to grow, Kendrick believes that its dual utility—acting both as a hedge and as a growth asset—could fuel additional capital inflows. “Over time, I think BTC may come to serve multiple purposes in investor portfolios,” Kendrick noted.

为什么它很重要：随着比特币在机构投资组合中的存在继续增长，肯德里克认为，它的双重效用（既是对冲和增长资产）可能会加剧更多的资本流入。肯德里克指出：“随着时间的流逝，我认为BTC可能会在投资者投资组合中提供多种目的。”

Kendrick also forecasts positive short-term momentum for Bitcoin, citing expectations of a more favorable U.S. tariff announcement and Nasdaq rebalancing.

肯德里克（Kendrick）还预测了比特币的积极短期势头，理由是对美国关税公告和纳斯达克的重新平衡的期望。

“Higher Nasdaq will equal higher Bitcoin. $90,000 in focus now,” he added.

他补充说：“较高的纳斯达克将等于更高的比特币。现在的焦点为90,000美元。”

Bitcoin is trading up over 3.5% on Monday, lifting the total market cap of the crypto industry by 1.5% to $2.9 trillion.

比特币周一的交易量超过3.5％，将加密货币行业的总市值提高了1.5％，至2.9万亿美元。

Among major cryptocurrencies, Ethereum ETH/USD, XRP XRP/USD, Solana SOL/USD and Dogecoin DOGE/USD are trading up 4%, 3.2%, 6.5% and 3%, respectively.

在主要的加密货币中，以太坊ETH/USD，XRP XRP/USD，Solana Sol/USD和Dogecoin Doge/USD分别增加了4％，3.2％，6.5％和3％。