黄金获得避风港的吸引力，而比特币落后于

随着全球投资者在不确定的时期寻求安全，黄金正在享受新的需求。根据摩根大通分析师的说法，贵金属看到强烈的流入

Global investors are flocking to gold as a safe haven in uncertain times, leading to strong inflows into both ETFs and futures markets, according to JPMorgan analysts.

根据摩根大通分析师的说法，全球投资者正在不确定的时代涌向黄金，这导致了ETF和期货市场的大量流入。

The analysis, conducted by a team led by managing director Nikolaos Panigirtzoglou and shared with The Block, highlights how gold is performing like other traditional safe-haven assets, such as the Swiss franc and Japanese yen.

由董事总经理Nikolaos Panigirtzoglou领导并与该街区共享的团队进行的分析强调了黄金的表现，例如其他传统的避风港资产，例如瑞士法郎和日元。

“Gold continues to attract capital despite weak liquidity and market breadth,” the analysts stated.

分析师说：“尽管流动性和市场广度疲软，黄金仍在吸引资本。”

In contrast, Bitcoin is lagging behind and now shows signs of losing trust among both institutional and retail investors.

相比之下，比特币落后，现在显示出在机构和零售投资者中失去信任的迹象。

The report indicates a sharp decline in speculative futures activity and three straight months of outflows from Bitcoin ETFs.

该报告表明，投机期货活动急剧下降，比特币ETF连续三个月流出。

"This contrasts sharply with the strong speculative futures activity and large capital flows into gold in recent months, especially in China and Hong Kong, where the new gold ETFs have seen truly staggering inflows," the JPMorgan analysts add.

摩根大通分析师补充说：“这与近几个月来强大的投机期货活动和大量资本流入黄金，尤其是在中国和香港的大量资本形成鲜明对比，新的黄金ETF看到了真正惊人的流入。”

Data from the World Gold Council underscores this trend, revealing that global gold ETFs experienced a massive influx of $21.1 billion during Q1 2025.

来自世界黄金委员会的数据强调了这一趋势，表明全球黄金ETF在2025年第1季度的大量涌入为211亿美元。

Among these inflows, a significant portion, $2.3 billion, originated from ETFs in China and Hong Kong.

在这些流入中，有一个很大的部分，23亿美元，起源于中国和香港的ETF。

This contribution represents 16% of local gold ETF AUM, a percentage far exceeding the global average of 6%. As JPMorgan analysts highlight, this disparity showcases a more pronounced demand for gold within Asian markets.

这一贡献占当地黄金ETF AUM的16％，百分比远远超过了6％的全球平均水平。正如摩根大通（JPMorgan）分析师所强调的那样，这种差异表明亚洲市场对黄金的需求更为明显。