随着投资者重新评估其作为避风港资产的地位，比特币（BTC）的价格似乎正在上升

比特币的兴起似乎正在暂停。鉴于黄金的实力提高，越来越多的分析师质疑BTC作为避风港资产的地位。

In the constantly shifting landscape of financial markets, new trends are emerging. As bitcoin’s rise appears to be pausing, analysts are increasingly questioning the cryptocurrency’s position as a safe haven asset in light of gold’s increasing strength.

在金融市场的不断变化的景观中，新趋势正在出现。随着比特币的崛起似乎正在暂停，分析师越来越多地质疑加密货币作为避风港资产的地位，鉴于黄金的强度提高。

The data provided by JPMorgan analysts sheds light on this interesting development.

摩根大通分析师提供的数据阐明了这一有趣的发展。

Bitcoin Is Losing Ground To Gold In Financial Markets

比特币在金融市场中失去了金牌

The narrative of BTC as digital gold is encountering some difficulties today. According to JPMorgan, investors appear to be readjusting their strategies for protection against inflation and economic instability. As a result, we are seeing a shift in investment flows.

BTC作为数字黄金的叙述正在遇到一些困难。根据摩根大通的说法，投资者似乎正在重新调整其防止通货膨胀和经济不稳定的策略。结果，我们看到投资流量发生了变化。

Indeed, we are seeing a reversal of capital flows. More precisely, we are seeing large-scale exits from Bitcoin ETFs and a corresponding shift to those backed by gold.

确实，我们看到资本流的逆转。更确切地说，我们看到比特币ETF的大规模出口，并相应地转移到了由黄金支持的转变。

The precious metal has just crossed the $3,100 per ounce mark. It even attracts more than $9 trillion in allocation. In contrast, digital assets are still encumbered by their volatility. In this regard, JPMorgan analysts noted:

贵金属刚刚超越了每盎司3,100美元的标记。它甚至吸引了超过9万亿美元的分配。相比之下，数字资产仍然被其波动性所限制。在这方面，摩根大通分析师指出：

“The correlation of bitcoin with tech stocks calls into question its role as a safe haven asset.”

“比特币与科技股的相关性质疑其作为避风港资产的作用。”

To make matters worse, central banks are also contributing to this golden momentum. The report indicates that these institutions hold $4 trillion in gold, compared to only $5 trillion held by private investors.

更糟糕的是，中央银行也为这一黄金势头做出了贡献。该报告表明，这些机构持有4万亿美元的黄金，而私人投资者仅持有5万亿美元。

On the other hand, bitcoin has been underperforming since the beginning of 2025. Its performance has been underwhelming, to say the least.

另一方面，比特币自2025年初以来的表现不佳。至少可以说，它的性能一直令人难以置信。

Could The Production Cost Of BTC Become Its Floor?

BTC的生产成本可以成为其地板吗？

Certainly, confidence seems to be waning. However, bitcoin still boasts a major asset: its production cost. Cryptocurrency experts currently estimate it at $62,000. According to JPMorgan analysts, this level acts as an empirical support.

当然，信心似乎正在减弱。但是，比特币仍然拥有主要资产：其生产成本。加密货币专家目前估计为62,000美元。根据摩根大通分析师的说法，此级别是经验支持。

Nevertheless, this value remains fragile. Since January, Bitcoin ETFs have recorded substantial net outflows. Concurrently, positions on futures contracts have slid into negative territory. This indicates a gradual disengagement by crypto investors.

然而，这个价值仍然脆弱。自1月以来，比特币ETF记录了大量的净流出。同时，期货合约的职位已滑入负面领土。这表明加密投资者逐渐脱离接触。

Therefore, the challenge for bitcoin is twofold:

因此，比特币的挑战是双重的：