黄金达到纪录高，比特币面临急剧下降

多年来，比特币被称为“数字黄金”，因为它被视为不确定性时期存储资金的安全场所。

In the ever-evolving landscape of financial markets, Bitcoin has often been hailed as “digital gold” due to its perceived role as a safe-haven asset during times of economic uncertainty. Many investors flocked to Bitcoin, believing that like the precious metal, it would retain its value when the broader market was experiencing turbulence. However, recent market trends have taken an interesting turn, suggesting that gold is making a strong comeback as the preferred safe-haven asset.

在不断发展的金融市场景观中，比特币经常被称为“数字黄金”，因为在经济不确定性时期，其作为避风港资产的作用。许多投资者涌向比特币，认为像贵金属一样，当更广泛的市场经历动荡时，它将保留其价值。但是，最近的市场趋势发生了一个有趣的转变，这表明黄金作为首选的避风付用资产，使黄金重新卷土重来。

With gold prices reaching record highs and Bitcoin facing heavy selling, some are questioning whether the leading cryptocurrency is losing its role as a store of value.

随着黄金价格达到创纪录的高价，比特币面临着销售的重量，有些人质疑领先的加密货币是否失去了其作为价值存储的作用。

World's Most Searched Cryptocurrency Is Now Among Most Popular

现在，世界上最受欢迎的加密货币是最受欢迎的

As the global economy faces headwinds, investors are seeking out safer havens for their money. And in the past year, few assets have performed better than gold.

随着全球经济面临逆风，投资者正在为自己的钱寻求更安全的天堂。在过去的一年中，很少有资产比黄金更好。

Gold is now nearing $3,000 per ounce for the first time in history. Since last March, gold prices have increased by nearly 50%, making it one of the best-performing assets. This is also the biggest yearly gain for gold in more than a decade.

现在，黄金在历史上首次接近每盎司3,000美元。自去年三月以来，黄金价格上涨了近50％，使其成为表现最佳的资产之一。这也是十多年来黄金的年度最大收益。

A key factor driving the rise in gold prices is the ongoing uncertainty in the U.S. and global economies. With many economists fearing a possible recession and persistent inflation, investors are reducing their riskier investments and shifting their money into assets that are typically considered safer.

推动黄金价格上涨的关键因素是美国和全球经济体的持续不确定性。由于许多经济学家担心可能的经济衰退和持续通货膨胀，投资者正在降低风险投资，并将其资金转移到通常被认为更安全的资产中。

Gold has always been a reliable safe-haven asset, and in recent months, it has seen a significant influx of funds. In the past week alone, gold ETFs purchased 52 tonnes of gold, the biggest weekly purchase since July 2020. This shows that major financial institutions are shifting their focus back to gold as the best hedge against economic instability.

黄金一直是可靠的安全资产，最近几个月，它已经大量资金涌入。仅在过去的一周中，黄金ETF购买了52吨黄金，这是自2020年7月以来每周最大的一次购买。这表明主要的金融机构正在将重点转移到黄金上，这是反对经济不稳定的最佳对冲。

Multiple factors are driving gold’s recent rise. One of the biggest reasons is the uncertain global economy. Many investors fear a possible recession and rising inflation, so they are moving their money into gold. Another reason is that central banks around the world are increasing their gold reserves, showing that even governments trust gold’s value in uncertain times.

多种因素正在推动黄金最近的上升。最大的原因之一是不确定的全球经济。许多投资者担心可能的经济衰退和通货膨胀率上升，因此他们将钱转移到黄金中。另一个原因是，世界各地的中央银行正在增加其黄金储备，这表明即使政府也相信黄金在不确定时期的价值。

Large investment funds and ETFs are also buying gold in record amounts, further pushing its price higher. Together, these factors are putting strong buying pressure on gold, while selloffs are minimal. This imbalance of more buying than selling is making gold's price rise steadily.

大量的投资基金和ETF也正在购买创纪录的黄金，进一步推动其价格提高。这些因素在一起给黄金带来了强大的购买压力，而抛售却很少。这种不平衡的买入比出售更多的是黄金的价格稳步上涨。

Bitcoin And Crypto Face Sharp Decline As Investors Prefer Gold

比特币和加密货币面临急剧下降，因为投资者更喜欢黄金

While gold is hitting new highs, another popular asset, Bitcoin, has been struggling. Since January 20, Bitcoin and the rest of the crypto market have lost nearly $800 billion in value.

虽然黄金正在达到新高点，但另一个受欢迎的资产比特币一直在挣扎。自1月20日以来，比特币和加密货币市场的其余部分损失了近8000亿美元的价值。

One of the biggest reasons for this drop is the growing concern over trade wars. As the U.S. and China threaten to raise tariffs on each other’s goods, investors are becoming worried about the global economy.

造成这种下降的最大原因之一是对贸易战争的关注日益加剧。随着美国和中国威胁要对彼此的商品提高关税，投资者正对全球经济感到担忧。

Historically, Bitcoin was seen as an asset that was separate from traditional financial markets. Many people believed that Bitcoin could act as a hedge, similar to gold. This means that when the stock market was going down, Bitcoin would usually go up, and vice versa.

从历史上看，比特币被视为与传统金融市场不同的资产。许多人认为比特币可以作为树篱，类似于黄金。这意味着，当股市下跌时，比特币通常会上升，反之亦然。

However, recent data from PlanB suggests that Bitcoin is now behaving more like a high-risk investment rather than a safe haven.

但是，PLANB的最新数据表明，比特币现在的行为更像是高风险的投资，而不是避风港。

A key moment came on January 20, when President Trump took office. On that same day, Bitcoin’s price peaked, and the total crypto market cap began to fall. In just five weeks, the total market cap of cryptocurrencies dropped from $3.7 trillion to $2.8 trillion.

1月20日，特朗普总统上任的关键时刻是一个关键时刻。在同一天，比特币的价格达到顶峰，加密货币市值开始下降。在短短五周内，加密货币的总市值从3.7万亿美元下降到2.8万亿美元。

This suggests that investors are no longer using Bitcoin as a safe store of value. Instead, they are selling their crypto holdings during uncertain times and shifting their money elsewhere, especially into gold.

这表明投资者不再使用比特币作为安全的价值存储。取而代之的是，他们在不确定的时期出售了加密货币，并将钱转移到其他地方，尤其是黄金。

Bitcoin ETF Outflows And Liquidity Issues

比特币ETF流出和流动性问题

Another factor affecting Bitcoin is the massive selling pressure coming from Bitcoin ETFs. These ETFs, which allow investors to buy Bitcoin through traditional stock markets, have seen record outflows recently.

影响比特币的另一个因素是来自比特币ETF的巨大销售压力。这些ETF允许投资者通过传统股票市场购买比特币，最近已经看到了纪录的流出。

On Feb. 27, Bitcoin ETFs saw a $1 billion outflow, which was the biggest single-day withdrawal in history. In the past six days, a total of $2.1 billion has been withdrawn from Bitcoin ETFs. Most of these outflows have come from retail investors, who seem to be losing confidence in Bitcoin.

2月27日，比特币ETF的流出额10亿美元，这是历史上最大的单日撤离。在过去的六天中，比特币ETF撤回了总计21亿美元。这些流出大多数来自散户投资者，他们似乎对比特币失去了信心。

The problem with large ETF outflows is that they reduce market liquidity. In essence, liquidity refers to how easily Bitcoin can be bought and sold without affecting its price too much. When liquidity drops, Bitcoin’s price becomes more volatile.

大型ETF流出的问题是它们降低了市场流动性。从本质上讲，流动性是指在不影响其价格的情况下可以轻松购买和出售比特币。当流动性下降时，比特币的价格变得更加波动。

During major ETF outflows, Bitcoin’s price can drop by more than $5,000 in just minutes, making it an unpredictable asset.

在主要ETF流出期间，比特币的价格在短短几分钟内就可以下跌超过5,000美元，这使其成为不可预测的资产。

Bitcoin And Gold Are No Longer Moving Together

比特币和黄金不再在一起

One of the biggest changes in financial markets is how Bitcoin and gold are performing. In the past, Bitcoin and gold were seen as substitutes, meaning that they moved in similar directions. When gold went up, Bitcoin usually went up as well, and when gold went down, Bitcoin usually followed.

金融市场的最大变化之一是比特币和黄金的表现。过去，比特币和黄金被视为替代品，这意味着它们朝着相似的方向移动。当黄金上升时，比特币通常也会上升，当黄金下降时，通常会随后比特币。