机构投资者质疑比特币与科技股之间日益增长的相关性

Sygnum Bank最近在市场表现不佳的情况下质疑比特币（BTC）的“数字黄金”叙事。

The narrative of Bitcoin (BTC) as “digital gold” has been questioned by Sygnum Bank amid the cryptocurrency’s lagging performance in the market,

在加密货币在市场上的滞后性能中，比特币（BTC）作为“数字黄金”的叙述已受到质疑

This comes as the Swiss digital asset bank observed that BTC's price movements have been closely tracking those of high-risk tech stocks, rather than showing the expected lack of correlation with traditional markets as a safe haven asset.

这是因为瑞士数字资产银行观察到，BTC的价格变动一直在密切跟踪高风险技术股票的价格，而不是表明与传统市场作为避风港资产的预期缺乏相关性。

Sygnum Bank noted that the flagship cryptocurrency has been positioning itself as the poster boy of the crypto market.

Sygnum Bank指出，旗舰加密货币一直将自己定位为加密市场的海报男孩。

Its analysis follows recent commentary from Barstool Sports founder Dave Portnoy, who has also expressed skepticism over the growing correlation between Bitcoin and tech stocks.

它的分析是在Barstool Sports创始人Dave Portnoy的最新评论之后，他对比特币与技术股票之间日益增长的相关性表示怀疑。

“If the point of Bitcoin is to be independent of the US Dollar and non-regulated, why does it basically trade exactly like the US stock market nowadays?” asked Portnoy on X.

“如果比特币的目的要独立于美元和不受监管的独立，为什么它基本上像美国股票市场一样呢？” X上的Portnoy问。

“Market up, Bitcoins up. Market down, Bitcoin down.”

“市场上涨，比特币上涨。市场下降，比特币下降。”

Strategy Executive Chairman Michael Saylor Explains Latest Criticisms on BTC

战略执行董事长迈克尔·赛勒（Michael Saylor）解释了对BTC的最新批评

In response to Portnoy’s observation, Michael Saylor, a Bitcoin maxi (maximalist) and co-founder of the most successful Bitcoin development company by far, chimed in with an explanation.

为了回应Portnoy的观察，迈克尔·塞勒（Michael Saylor），一位比特币Maxi（Maximalist），也是迄今为止最成功的比特币开发公司的联合创始人，并进行了解释。

According to Strategy’s executive chair, BTC trades like a risk asset in the short-term because it’s the most liquid, salable, 27/4 asset on earth.

根据战略的执行主席的说法，BTC在短期内像风险资产一样交易，因为它是地球上最易于销售的27/4资产。

This allows traders and investors to sell their BTC holdings whenever possible, especially during market panic. Hence, it’s vulnerable to the short-term knee-jerk reaction from holders. However, the same does not hold true in Bitcoin’s long-term actions.

这使贸易商和投资者可以尽可能出售其BTC持股，尤其是在市场恐慌期间。因此，它容易受到持有人的短期膝盖反应。但是，在比特币的长期行动中，情况并非如此。

Historical data shows that Bitcoin has always achieved new all-time highs at each halving cycle every four years. In its first halving, the crypto asset spiked over $1K. Then, it exceeded $10K in the second cycle and $69K in the third cycle.

历史数据表明，比特币在每四年的每个减半周期中始终达到新的历史最高点。在首次减半的情况下，加密资产飙升了1,000美元。然后，第二周期中它超过了$ 100K，在第三个周期中超过了$ 69K。

Currently, Bitcoin is in its fourth halving cycle. Thanks to its broader institutional adoption and optimism following the win of the first pro-crypto president in the US, it managed to log a new ATH of $109K last January.

目前，比特币正处于第四个减半周期。由于其在美国第一任亲克莱托普（Crypto）总统的胜利之后，由于其更广泛的机构采用和乐观态度，它于去年1月设法登记了新的10.9万美元的ATH。