比特币（BTC）价格动作与黄金（XAU）|资料来源：TradingView

比特币（BTC）价格跌幅，黄金（XAU）在美国宏观经济景观比特币价格中的进步在2025年2月面临着强烈的看跌逆风。

Bitcoin (BTC) price faced three major headwinds in February 2025, leading to a 6% decline amid broader market volatility.

比特币（BTC）的价格在2025年2月面临三个主要逆风，导致市场波动更大，下降了6％。

The blowback from a U.S. tech stock sell-off after DeepSeek disrupted OpenAI’s market position in late January set the stage for a negative start to the month. Former President Donald Trump’s announcement of sweeping tariffs on Canada, Mexico and China further exacerbated BTC’s price decline. While the tariffs on Canada and Mexico were quickly rolled back, those imposed on China went ahead, adding pressure to financial markets. A hotter-than-expected U.S. Consumer Price Index (CPI) report this week triggered further downside, sparking concerns about prolonged inflationary pressures.

DeepSeek在1月下旬破坏了Openai的市场地位后，美国科技股票抛售的反击为本月的负面开端奠定了基础。前总统唐纳德·特朗普（Donald Trump）宣布对加拿大，墨西哥和中国的关税宣布进一步加剧了BTC的价格下跌。虽然加拿大和墨西哥的关税很快被撤回，但对中国征收的关税却延续了，为金融市场增加了压力。本周的一份比预期的美国消费者价格指数（CPI）报告更热，引发了人们对延长通货膨胀压力的担忧。

As investors recalibrated their risk exposure in the face of a testing macroeconomic landscape, the appeal of safe-haven assets like gold was evident. Gold prices climbed to $2,882.43 per ounce, up 6% over the past 15 days. Meanwhile, Bitcoin remained range-bound, consolidating at $97,000 and down 6% over the same period.

当投资者面对宏观经济景观时，投资者重新校准了风险敞口，因此明显的是黄金等避风者资产的吸引力。黄金价格上涨至每盎司2,882.43美元，在过去的15天中上涨了6％。同时，比特币在同一时期内保持范围为97,000美元，下降了6％。

suggesting that the uncertain macroeconomic landscape is reshaping investor behavior. While Bitcoin prices have dropped 6% in February, the Real World Asset (RWA) sector within crypto markets has experienced notable capital inflows.

表明不确定的宏观经济格局正在重塑投资者的行为。尽管比特币价格在2月下降了6％，但加密货币市场中的现实世界资产（RWA）领域却经历了显着的资本流入。

Instead of moving funds off-chain after de-risking from BTC, investors now appear to be reallocating capital into tokenized RWAs, including gold, real estate and fixed-income securities.

现在，投资者似乎没有将资金从BTC脱离危险后，而是将资本重新分配到包括黄金，房地产和固定收益证券在内的令牌化RWA中。

According to CoinGecko data, the RWA market capitalization surged 6.6% as of Feb. 18, reaching $38.8 billion — an increase of over $2.5 billion within the last 24 hours. During the same timeframe, Bitcoin remained stuck within the narrow $97,000–$98,000 range.

根据Coingecko数据，截至2月18日，RWA市值飙升了6.6％，达到388亿美元，在过去24小时内增加了超过25亿美元。在同一时间范围内，比特币仍停留在狭窄的$ 97,000- $ 98,000范围内。

Chainlink (LINK), Mantra (OM) and XDC Network (XDC) emerged as key front-runners in the RWA boom. With Mantra leading the way with 27.5% gains over the past 24 hours, all top 10 RWA protocol assets posted gains this week, except for Ondo Finance, which saw a mild 4.4% retracement. This reflects he growing investor demand for tokenized safe-haven assets as BTC price stangates under bearish pressure from hawkish macroeconomic expectations.

ChainLink（link），Mantra（OM）和XDC Network（XDC）在RWA Boom中出现了关键的前跑者。在过去的24小时内，咒语以27.5％的收益领先，本周所有前10个RWA协议资产都在本周获得收益，除了Ondo Finance，其重新回收率为4.4％。这反映了他不断增长的投资者对标记安全资产的需求，因为BTC的价格在霍克什宏观经济期望的看跌压力下产生了压力。

Amid rising interest in tokenized gold and surging capital inflows toward RWA protocols, speculation is growing that tokenized commodities could become a more dominant asset class should inflationary pressures persist.

在对代币化黄金和对RWA方案的资本流入激增的兴趣上升，人们越来越多地猜测，如果通货膨胀压力持续存在，代币化的商品可能会成为更为主导的资产类别。

This week’s inflation report has only reinforced the perception that Bitcoin could struggle in a hawkish macroeconomic environment, while gold and RWAs stand to benefit from shifting investor sentiment.

本周的通货膨胀报告仅增强了人们对比特币在鹰派宏观经济环境中挣扎的看法，而黄金和RWAS将从转移的投资者情绪中受益。

With Bitcoin facing pressure from macroeconomic headwinds, including inflation concerns and geopolitical tensions, gold and tokenized RWAs are increasingly seen as viable alternatives. If inflation remains elevated, Bitcoin may continue to stagnate, while tokenized commodities and gold-backed assets could see continued inflows in 2025.

随着比特币面临宏观经济逆风的压力，包括通货膨胀问题和地缘政治紧张局势，黄金和标记的RWA越来越被视为可行的替代方案。如果通货膨胀率保持升高，比特币可能会继续停滞，而代币化的商品和金资产的资产可能会在2025年继续流入。

In a recent exclusive interview with FXStreet, Kevin Rusher, founder of real-world asset platform RAAC, offered expert insights into this narrative.

在最近接受FXStreet的独家采访中，现实世界资产平台RAAC的创始人Kevin Rusher为这一叙述提供了专家的见解。

“As we know, Bitcoin was designed to be the ultimate inflation hedge. However, because of its widespread adoption by institutions like BlackRock and JP Morgan, it tends to move with the market.

“众所周知，比特币被设计为最终的通货膨胀对冲。但是，由于贝莱德（Blackrock）和摩根（JP Morgan）等机构的广泛采用，它往往会随着市场而转移。

But when we see a really serious crash like the banking crisis of March 2023, we do see different activity.

但是，当我们看到像2023年3月的银行危机一样非常严重的崩溃时，我们确实看到了不同的活动。

So no, I don't think there is a difference between Bitcoin and gold, but I do think that investors are looking for safety."

所以不，我认为比特币和黄金之间没有区别，但我确实认为投资者正在寻找安全。”

“The beauty of gold is that it will be an inflation hedge no matter how you hold it.

“黄金的美在于，无论您如何持有它，它都将是通货膨胀对冲。

Throughout history, people have held gold to preserve their wealth and that will never change.

在整个历史上，人们都持有黄金来维护自己的财富，这将永远不会改变。

If you hold gold in an ETF, that's an extremely safe way to do it, and your investment will rise with the value of the asset minus the fees of the fund.

如果您在ETF中持有黄金，那是一种非常安全的方法，而您的投资将随着资产的价值减去基金的费用而上升。

With tokenized gold, you will benefit from the appreciation of the asset as well as - depending on the platform - potentially a yield, and several other opportunities to use that investment throughout the decentralized finance ecosystem.

有了代币化的黄金，您将受益于资产的欣赏，并取决于平台 - 可能是收益率，以及在整个分散的金融生态系统中使用该投资的其他一些机会。

“You can't beat an ETF for safety when it comes to holding gold, and futures will always be the preferred instrument of traders looking to profit from very short-term moves up and down.

“在持有黄金方面，您不能为安全而击败ETF，而期货将永远是希望从短期上下移动中获利的交易者的首选工具。

Tokenization gives you the option to earn a yield on your holding or use it to borrow and lend within the decentralized finance ecosystem."

令牌化为您提供了赚取收益率的选择，或者使用它在分散的金融生态系统中借入和借贷。”

“Property is perhaps the original base case for tokenized assets. With fewer and fewer people able to access the stable and reliable returns that property can afford, tokenized property makes a lot of sense.

“财产也许是令牌化资产的原始基本案例。由于越来越少的人能够获得物业所能负担的稳定和可靠的回报，因此令牌化的财产很有意义。

This is especially the case when we're looking at rental property in the public sector which is extremely safe and has a guaranteed yield.

当我们查看公共部门的出租物业非常安全并且有保证收益率时，尤其是这样。