比特币（BTC）被黄金胜过

由于比特币（BTC）在最新的加密市场回落中挣扎 - 未能果断地超过84,000美元的电阻 - 黄金（XAU）

As Bitcoin (BTC) continues to struggle amid the latest crypto market pullback, failing to decisively break past the $84,000 resistance, gold (XAU) has continued its impressive rally, soaring to a record high of $3,000 per ounce on March 14.

由于比特币（BTC）在最新的加密货币市场回落中继续挣扎，因此未能果断地超过84,000美元的抵抗力，Gold（XAU）继续其令人印象深刻的集会，在3月14日飙升至每盎司3,000美元的创纪录的高点。

According to the latest data from the World Gold Council, US-based spot gold exchange-traded funds (ETFs) have attracted inflows exceeding $6 billion year-to-date (YTD). Globally, spot gold ETFs saw more than $23 billion in inflows.

根据世界黄金委员会的最新数据，美国的现货黄金交易所资金（ETF）吸引了超过60亿美元至今（YTD）的流入。在全球范围内，现货黄金ETF的流入超过230亿美元。

This new record high from gold comes in stark contrast to Bitcoin's recent price action. BTC is down over 10% YTD, falling from approximately $94,000 on January 1 to around $84,000 at the time of writing.

Gold的新纪录与比特币最近的价格动作形成鲜明对比。 BTC下降了10％以上，从1月1日的94,000美元下降到写作时的$ 84,000。

The majority of Bitcoin's decline occurred during the past month as the cryptocurrency struggled to maintain gains above the $90,000 level.

比特币的大部分下降发生在过去一个月，因为加密货币努力保持高于90,000美元的收益。

Market analyst Northstar shared the following chart on X yesterday, highlighting the BTC-to-gold ratio over the past 12 years. According to the chart, BTC is beginning to break below a critical support line that has held strong for more than a decade.

市场分析师Northstar在昨天X上分享了以下图表，突出了过去12年的BTC-GOLD比率。根据图表，BTC开始突破一条至今已有十多年的关键支持线。

If Bitcoin sustains price action below this support line for several weeks or months, it could signal the end of the current crypto bull run. BTC's underperformance against gold is also evident in the contrasting capital flows into BTC and gold ETFs.

如果比特币在此支持线以下维持价格动作几周或几个月，则可能标志着当前的加密公牛运行的终结。 BTC对黄金的表现不佳在对比的资本流入BTC和Gold ETF中也很明显。

According to the World Gold Council, US-based spot gold ETFs have attracted inflows exceeding $6 billion YTD. Globally, spot gold ETFs have seen more than $23 billion in capital inflows.

根据世界黄金委员会的说法，美国的现货黄金ETF吸引了超过60亿美元的流入。在全球范围内，现货黄金ETF的资本流入超过230亿美元。

In comparison, data from SoSoValue indicates that US-based spot BTC ETFs experienced nearly $1.5 billion in net outflows YTD. This sharp contrast in capital movement reflects a shift in investor strategy from risk-on to risk-off assets.

相比之下，来自Sosovalue的数据表明，总部位于美国的BTC ETF经历了近15亿美元的净外出YTD。资本运动中这种鲜明的对比反映了投资者战略从风险登机上转变为风险资产的转变。

Several factors may explain investors' growing aversion to risk-on assets. Notably, US President Donald Trump recently announced new trade tariffs, which could ultimately harm the U.S. economy and potentially spark a recession.

几个因素可能会解释投资者对风险资产的日益厌恶。值得注意的是，美国总统唐纳德·特朗普（Donald Trump）最近宣布了新的贸易关税，这最终可能损害美国经济并有可能引发衰退。

Furthermore, the U.S. Federal Reserve (Fed) has maintained a hawkish monetary policy, keeping interest rates elevated and reducing the balance sheet, putting pressure on stock prices and prompting a recent stock market rout.

此外，美国美联储（美联储）维持了鹰派货币政策，保持利率升高并降低资产负债表，给股价施加压力，并促使最近发生了股票市场。

This shift in risk appetite is also evident in the capital flows into U.S.-listed gold and Bitcoin ETFs. While gold ETFs experienced massive inflows, BTC ETFs saw significant outflows.

在资本流入美国上市的黄金和比特币ETF中，风险食欲的这种转变也很明显。尽管黄金ETF经历了大量流入，但BTC ETF却看到了大量的流出。

As the macroeconomic landscape continues to evolve, investors will be closely watching to see if the tide begins to turn in BTC's favor.

随着宏观经济景观的不断发展，投资者将密切关注，以查看潮流是否开始扭转BTC的支持。