2月，比特币的风险调整后收益显着削弱

在过去的一年中，比特币的总收益与黄金的总回报相匹配，金是一种传统的避风港资产

Bitcoin's struggles in February saw its risk-adjusted returns weaken significantly compared to other asset classes, according to data from research service Ecoinometrics.

根据研究服务生态计量学的数据，比特币在二月份的斗争与其他资产类别相比，其风险调整后的收益显着削弱。

While over the past year, bitcoin's total returns have matched those of gold, a traditional safe-haven asset, when adjusting for risk, bitcoin is behaving more like a major stock index, the data showed.

数据显示，在过去的一年中，比特币的总收益与传统的安全资产的黄金相匹配，当调整风险时，比特币的行为更像是主要股票指数。

February hit risk assets hard. Bitcoin took an especially tough blow to its risk-adjusted returns advantage.

二月猛烈打击风险资产。比特币对其风险调整后的回报优势造成了特别艰难的打击。

After a number of violent price swings of late alongside trade war threats, growing geopolitical tensions and President Trump's sowing confusion over government plans with respect to crypto, bitcoin is modestly lower so far in 2025. Gold, meanwhile, is up more than 11% year-to-date.

在贸易战争威胁时发生了许多近期暴力价格，地缘政治紧张局势越来越大，而特朗普总统对政府对加密货币的计划感到困惑之后，比特币在2025年到目前为止较低。

"Bitcoin and gold are completely uncorrelated at the moment, on a 20-day moving average on a five year time frame it is negative," said CoinDesk analyst James Van Straten. "You can typically see when the correlation goes negative this is usually when bitcoin is at a bottom which can be seen in early 2023, summer of 2023, summer of 2024 and now. BTC tends to catch up with gold."

Coindesk分析师James van Straten说：“目前，比特币和黄金完全不相关，在五年的时间范围内以20天的移动平均值为负。” “通常可以查看相关性何时为负面，这通常是当比特币处于底部时，可以在2023年初，2023年夏季，2024年夏季，现在。BTC倾向于赶上黄金。”

The shift could impact Bitcoin's appeal to institutional investors, who often prioritize assets with favorable risk-reward profiles. While Bitcoin's long-term narrative as "digital gold" remains intact, its short-term performance suggests it may be behaving more like equities than a safe-haven asset.

这种转变可能会影响比特币对机构投资者的吸引力，这些投资者通常优先考虑具有良好风险奖励的资产。尽管比特币作为“数字黄金”的长期叙述仍然完好无损，但其短期绩效表明，它的行为可能更像是股票，而不是安全资产。