随着宏观经济不确定性将投资者推向安全避风港，比特币（BTC）将黄金（XAU）提高到新的记录高点

黄金已经飙升至新鲜创纪录的高点，使比特币（BTC）落后了，这两个资产之间的性能差异越来越大。

Gold has surged to fresh record highs, leaving Bitcoin (BTC) trailing behind, with a growing divergence in performance between the two assets.

黄金已经飙升至新鲜创纪录的高点，使比特币（BTC）落后了，这两个资产之间的性能差异越来越大。

At press time, gold is trading above $3,036 per ounce, marking a strong 15% increase year-to-date (YTD). In contrast, Bitcoin has dropped 11% since the start of the year, trading at $83,517, highlighting a sharp discrepancy in returns.

发稿时，黄金的交易价格高于每盎司3,036美元，标志着年初至今增长15％（YTD）。相比之下，比特币自今年年初以来下降了11％，交易价格为83,517美元，突出了回报的巨大差异。

The widening gap has prompted several strategists to suggest that the tide is turning decisively in favor of gold, as mounting macroeconomic uncertainties and escalating geopolitical tensions drive investors back toward the traditional safe-haven asset.

扩大的差距促使一些战略家暗示潮汐正在果断地转向黄金，因为越来越多的宏观经济不确定性并升级地缘政治紧张局势将投资者带回传统的避风港资产。

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Gold is putting Bitcoin to shame right now pic.twitter.com/9bc3T4U6xH

黄金现在让比特币感到羞耻pic.twitter.com/9bc3t4u6xh

Why Gold is outshining Bitcoin

为什么黄金超出比特币

Several factors have contributed to gold’s bullish momentum. A key driver has been significant inflows into gold exchange-traded funds (ETFs), along with its traditional role as a safe-haven asset during geopolitical uncertainty.

有几个因素导致了黄金的看涨势头。关键的驱动因素是黄金交换贸易资金（ETF）的大量流入，以及在地缘政治不确定性期间作为避风港资产的传统作用。

According to the World Gold Council, global physically backed gold ETFs saw significant inflows in February, totaling $9.4 billion, the strongest since March 2022, with analysts anticipating gold-backed ETF investment trusts to see ample scope for fresh inflows.

根据世界黄金委员会的说法，全球支持的黄金ETF在2月份看到了大量的流入，总计94亿美元，是2022年3月以来最强的，分析师预计将获得黄金支持的ETF投资信托基金，可以看到新鲜流入的充足范围。

Geopolitical tensions have further fueled gold’s rally. President Donald Trump’s aggressive trade policies, including new tariffs on China, Mexico, and Canada, have heightened fears of a global economic slowdown.

地缘政治紧张局势进一步加剧了黄金的集会。唐纳德·特朗普（Donald Trump）总统的积极贸易政策，包括对中国，墨西哥和加拿大的新关税，对全球经济放缓的担忧加剧了。

The escalating trade standoff has raised concerns over rising consumer prices and broader economic instability, prompting investors to flock to gold as a hedge.

不断上升的贸易对峙引起了人们对消费者价格上涨和更广泛的经济不稳定的关注，促使投资者涌向黄金作为对冲。

Daan Struyven, Co-Head of Global Commodities Research at Goldman Sachs, also attributed the rally to heightened uncertainty surrounding US-led tariff policies, coupled with inflation concerns.

高盛（Goldman Sachs）全球商品研究的联合主管Daan Struyven也将集会归因于美国领导的关税政策的不确定性加剧，再加上通货膨胀的问题。

Struyven noted a divergence across commodity markets, with gold and copper strengthening amid tariff-related pressures, while oil prices weaken due to fears over slowing US and global economic growth.

Struyven指出，商品市场之间存在分歧，在与关税相关的压力下，黄金和铜的加强，而由于担心美国和全球经济增长的担忧，石油价格削弱了。

Adding further support, Struyven noted that central banks have ramped up gold purchases at rates seven times higher than pre-2022 averages, driven by concerns over the stability of the US dollar and broader geopolitical risks.

斯特鲁伊文（Struyven）补充说，央行在央行以比2022年以前的平均值高七倍的价格增加了黄金的购买，这是对美元稳定和更广泛的地缘政治风险的担忧。

Interestingly, the rally has gathered momentum despite a decline in speculative positioning. ETFs and institutional investors have added nearly 100 tons of gold demand over the past month, making the bullish case even stronger.

有趣的是，尽管投机定位下降，但集会还是聚集了动力。在过去的一个月中，ETF和机构投资者增加了近100吨黄金需求，使看涨案件更加强大。

Bitcoin’s bleak performance and ETF outflows

比特币的黯淡性能和ETF流出

While gold shines, Bitcoin has struggled to maintain its footing. Bitcoin ETFs saw $978 million in outflows last week, bringing total outflows over the last five weeks to $5.4 billion, according to a CoinShares report.

尽管黄金闪耀，但比特币一直在努力维持其基础。根据Coinshares的一份报告，比特币ETF上周的流出量达到了9.78亿美元，在过去的五周内总流出到了54亿美元。

Despite Trump’s pro-crypto moves, including signing an executive order to establish a strategic crypto reserve, Bitcoin has come under sustained pressure. The administration’s unpredictable tariff announcements have rattled broader market confidence, prompting sell-offs in risk-on assets like Bitcoin and Nasdaq-listed tech stocks.

尽管特朗普采取了亲克莱普托的举动，包括签署一项行政命令建立战略加密保护区，但比特币仍承受着持续的压力。政府的不可预测的关税公告使更广泛的市场信心震撼了，促使诸如比特币和纳斯达克上市科技股等风险的资产销售。

Is Bitcoin’s bull run over?

比特币的公牛倒闭了吗？

Historically, Bitcoin and gold have rarely moved in tandem. During the banking crisis of 2023, Bitcoin’s correlation with gold strengthened as speculators flocked to store-of-value assets.

从历史上看，比特币和黄金很少在同时移动。在2023年的银行危机期间，随着投机者涌向价值存储资产，比特币与黄金的相关性得到了加强。

However, in 2025, the narrative has changed. Gold’s rally has driven its price 40% higher year-over-year, far surpassing Bitcoin’s 23% gain over the same period.

但是，在2025年，叙述发生了变化。 Gold的拉力赛已推动其同比上涨40％的价格，在同一时期，比特币的增长率远远超过了23％。

Bitcoin $100,000 May Be A Risk-Off Bell Ringer — The "why buy gold" mantra, with the stock market and Bitcoin having rapidly risen amid elevated U.S. rates, could be shifting. That the S&P 500's first 10% drawdown since 4Q23 coincided with about a 25% drop in the crypto and gold… pic.twitter.com/M6vJpEpuiB

比特币$ 100,000可能是一个冒险的钟声铃声 - “为什么要购买黄金”的口头禅，股市和比特币在美国利率上涨的情况下迅速上涨，可能正在转移。自4Q23以来，标准普尔500指数的第一个10％的跌幅恰逢加密和黄金下降25％... pic.twitter.com/m6vjpepuib

Commodity strategist Mike McGlone also weighed in on the shifting market dynamics. In a recent post, McGlone noted that as both the stock market and Bitcoin rallied amid elevated U.S. interest rates, the traditional ‘why buy gold narrative was pushed aside.

商品策略师迈克·麦格隆（Mike McGlone）也对不断变化的市场动态进行了权衡。麦格隆在最近的一篇文章中指出，随着股票市场和比特币在美国利率提高，传统的“为什么购买黄金叙事都被抛在一边”。

However, the S&P 500’s first 10% correction since late 2023, coupled with Bitcoin’s sharp 25% drop and gold’s rise above $3,000 an ounce, indicates that investor sentiment is shifting back to safe-haven assets, with gold reclaiming its dominance.

但是，自2023年下半年以来，标准普尔500指数的第一个10％更正，再加上比特币的急剧下降，金的速度高于每盎司3,000美元，这表明投资者的情绪正在转移到避风港资产，金牌恢复了其优势。