比特币是否失去了作为安全资产的吸引力？在市场动荡中，投资者将黄金选择在比特币上作为避风港

在市场动荡之中，投资者将黄金选择在比特币上作为避风港，从而提出了有关其“数字黄金”叙述的问题。

Investors are choosing gold over Bitcoin to find a safe haven amid market turbulence,suggesting that the narrative of Bitcoin (BTC) as “digital gold” might be losing its appeal.

投资者选择黄金而不是比特币，以在市场动荡中找到避风港，这表明比特币（BTC）作为“数字黄金”的叙述可能正在失去吸引力。

Amid geopolitical instability and the ongoing global trade war, which President Trump began, investors are apparently turning to the more traditional safe-haven asset—gold—over Bitcoin in the current market downturn.

在特朗普总统开始的地缘政治不稳定和正在进行的全球贸易战中，投资者显然正在转向当前市场低迷的比特币更传统的安全资产 - 古尔德。

According to a Thursday report from JP Morgan, global gold ETFs saw $21.1 billion in net inflows in Q1 2025.

根据JP Morgan的周四报告，全球黄金ETF在2025年第1季度的净流入量为211亿美元。

According to Cointelegraph, while Bitcoin ETFs briefly surpassed gold ETFs in terms of trading volume in late 2024, its advantage soon disappeared.

根据Cointelegraph的说法，虽然比特币ETF在2024年底在交易量方面短暂超过了黄金ETF，但其优势很快消失了。

Recently, the gold price also hit a new all-time high of $3,660 per ounce.

最近，黄金价格还达到了每盎司3,660美元的新历史高价。

Meanwhile, Bitcoin is coping with three consecutive months of ETF outflows. Binance Futures saw many large negative net flows, indicating multiple outflow instances since January and signaling reduced speculative trading activity as traders potentially close positions or decrease exposure.

同时，比特币连续三个月应对ETF流出。 Binance Futures看到了许多大型负净流，这表明自1月以来的多个流出实例，随着交易者的潜在接近职位或减少敞口，信号降低了投机性交易活动。

According to the report, Trump’s election initially spurred optimism in the crypto market, with many investors having high expectations for both Bitcoin and the broader crypto market.

根据该报告，特朗普的选举最初在加密市场上引起了乐观的刺激，许多投资者对比特币和更广泛的加密货币市场都有很高的期望。

However, the administration’s policies, including rising tariffs and the trade war with China, concerns over a global economic downturn, and a declining U.S. dollar have pushed investors toward the time-tested security of gold.

但是，政府的政策，包括关税的上升和与中国的贸易战争，担心全球经济衰退，以及美元下降的美元，促使投资者迈向了经过时间测试的黄金安全性。

According to data from the World Gold Council (WGC), central banks' gold reserves saw a seven-quarter increase in the first quarter of 2025, indicating persistent demand for the precious metal.

根据世界黄金委员会（WGC）的数据，中央银行的黄金储备在2025年第一季度增加了四分之三，表明对贵金属的需求持续。

According to the report, “suggesting that the ‘digital gold’ narrative for Bitcoin might be losing some appeal.”

根据报告，“暗示比特币的'数字黄金叙事可能会失去一些吸引力。”

Earlier this month, JPMorgan analysts also said that “Bitcoin’s volatility and correlation with equities raise questions over its ‘digital gold' narrative,” while gold is seeing stronger demand.

本月初，摩根大通分析师还表示，“比特币的波动和与股票的相关性引起了对其'数字黄金叙事的质疑”，而黄金的需求也更强。

Despite the outflows from Bitcoin ETFs and Binance Futures, the macroeconomic environment is quickly evolving.

尽管比特币ETF和Binance Futures流出了流出，但宏观经济环境仍在迅速发展。

According to the report, less volatility could help restore Bitcoin’s safe-haven appeal. It remains to be seen how macro factors like monetary policy or ETF flows will shape Bitcoin’s path in the coming months.

根据该报告，较少的波动性可以帮助恢复比特币的安全吸引力。在未来几个月中，货币政策或ETF流量等宏观因素将如何影响比特币的道路，还有待观察。