尽管有起伏，但比特币还是在一个月前的几乎相同的地方

对于最大的加密货币来说，这是一个非常动荡的月份。但是，尽管发生了起伏，但比特币还是在一个月前几乎处于同一地点。

It has been a very volatile month for the largest cryptocurrency. But despite the ups and downs, Bitcoin has ended up in almost the same spot it was a month ago.

对于最大的加密货币来说，这是一个非常动荡的月份。但是，尽管发生了起伏，但比特币还是在一个月前几乎处于同一地点。

Month-on-month BTC has moved just 0.58%, trading at US$83,307 (AU$131,264) at the time of writing.

每月一个月的BTC的行列仅为0.58％，在撰写本文时，交易价格为83,307美元（AU $ 131,264）。

Of course, that change in price comes after massive swings both up and down – though mostly down, BTC dropped below the US$75k (AU$118k) mark twice in the past weeks.

当然，价格的变化是在上下巨大的摇摆之后发生的 - 尽管大多数情况下，BTC在过去几周中两次下降了75,000美元以下。

The Trump tariff-drama was in full swing last week, causing major disruptions not only for crypto. Markets tanked so dramatically that Trump was forced to backpedal on his threats, though he still has his eyes set on China – with analysts and investors waiting to see what’s next.

特朗普的关税剧院上周在如火如荼地进行，不仅造成了加密货币的重大干扰。市场如此巨大，以至于特朗普被迫对自己的威胁进行支持，尽管他仍然注视着中国 - 分析师和投资者正在等待看看下一步。

But, there is something else going on with Bitcoin. At least according to Matt Hougan, the Chief Investment Officer (CIO) at Bitwise.

但是，比特币还有其他事情正在发生。至少根据位于Bitwise的首席投资官（CIO）Matt Hougan的说法。

In a recent letter to investors he wrote that the OG crypto “is acting like an asset that wants to go higher, if only macro obstacles would get out of the way”.

在最近给投资者的一封信中，他写道，OG加密货币“像是想要更高的资产，只要宏观障碍才能避开。”

Hougan says all the volatility over the past 30 days and the “time, energy, and angst” he went through, makes him “want to cry”.

霍根说，过去30天的所有波动性以及他经历的“时间，精力和焦虑”使他“想哭”。

Related: US Eyes Bitcoin Reserves Funded by Tariffs and Gold Revaluation, Not Taxpayers

相关：美国眼比特币储备由关税和金色重估资助，而不是纳税人

Bitcoin’s Performance a Sign of Resilience, Says Analyst

分析师说，比特币的性能是韧性的迹象。

The CIO explains that at the same time he’s also impressed with the coin, because since the US equity market peaked in February, both stocks and Bitcoin have fallen about 12%, marking the first time Bitcoin hasn’t significantly underperformed stocks during a market correction.

CIO解释说，与此同时，他也对硬币印象深刻，因为自2月份美国股票市场达到顶峰以来，股票和比特币都下降了约12％，这是比特币在市场校正期间首次不足以造成的股票。

Historically, he says, in downturns like those in 2022, 2020 and 2018, Bitcoin’s losses were much steeper – suggesting this time could be different.

他说，从历史上看，在像2022年，2020年和2018年的低迷中，比特币的损失更加陡峭 - 暗示这次可能会有所不同。

Hougan admits matching the performance of stocks doesn’t make Bitcoin a hedge and gold has fared better over the past few weeks. Nevertheless, he believes “Bitcoin is looking remarkably resilient right now”.

霍根（Hougan）承认，与股票的性能相匹配并不能使比特币成为树篱，并且在过去的几周中，黄金的表现要好得多。尽管如此，他认为“比特币现在看上去非常有弹性”。

He suggests that Bitcoin is “growing up”, evidenced by the fact that it’s still holding above the US$80k (AU$126.1k) mark.

他建议比特币正在“长大”，这证明了它仍然超过8万美元（AU $ 126.1K）的事实。

You’re Not a Kid Anymore, Kid.

孩子，你已经不是一个孩子了。

In past cycles, when BTC was more of a risk asset, it plummeted hard when markets lost confidence and it often lost more than stock markets.

在过去的周期中，当BTC更像是一种风险资产时，当市场失去信心并且损失比股票市场更多时，它会剧烈趋势。

The Bitwise investment head says “as more corporations and institutions are buying bitcoin, and more governments are holding it as a strategic reserve”, Bitcoin shifts from being a risk asset to a hedge asset.

位投资负责人说：“随着越来越多的公司和机构购买比特币，越来越多的政府将其视为战略储备”，比特币从成为风险资产转变为对冲资产。

Investors are more and more treating an investment in Bitcoin like one in gold and this leads to “a lower beta to equities in down periods” – meaning BTC isn' to drop as much as it used to when the stock market goes down.

投资者越来越多地处理对比特币的投资，例如黄金中的投资，这会导致“较低的beta到下降时期的股票”，这意味着BTC IS不像股票市场下降时那样落下。

Nothing’s guaranteed in life, of course, and nobody can say for sure if “this relationship will hold, or that the remarkable strength we’ve seen out of bitcoin lately will project into the future”.

当然，没有什么可以保证生活的，没有人能确定“这种关系是否会成立，或者我们最近从比特币中看到的显着力量会投射到未来”。