昨天由于轻度通货膨胀数据而进行了少量反弹之后，美国股票在周四再次急剧下降，它似乎将比特币（BTC）拖延了下来

截至一天结束时，纳斯达克岛下跌了近2％，标准普尔500指数下跌了1.39％。在前一天达到近85,000美元之后，比特币跌至81,000美元以下

After a small rebound yesterday due to mild inflation data, US stocks fell sharply again on Thursday, and it seemed to drag Bitcoin (BTC) down with it.

昨天由于轻度通货膨胀数据而进行了小反弹之后，美国股票在周四再次急剧下降，似乎将比特币（BTC）拖到了它。

As of the close of the day, the Nasdaq fell nearly 2%, and the S&P 500 fell 1.39%. After hitting nearly $85,000 the day before, Bitcoin has fallen back below $81,000, down nearly 3% in the past 24 hours. However, gold has continued to demonstrate its safe-haven properties, with spot gold prices hitting record highs and, at the time of writing, just one step away from breaking through $3,000 per ounce for the first time.

截至一天结束时，纳斯达克岛下跌了近2％，标准普尔500指数下跌了1.39％。在前一天达到近85,000美元后，比特币跌至81,000美元以下，过去24小时下降了近3％。但是，黄金继续证明其安全的物业，现货黄金价格达到创纪录的高点，并且在写作时，距离首次达到每盎司3,000美元的损失只有一步。

Since the Nasdaq peaked three weeks ago, the index has fallen nearly 15%. During the same period, gold has risen about 1% and Bitcoin has fallen nearly 20%.

自从纳斯达克三周前达到顶峰以来，该指数下降了近15％。在同一时期，黄金增加了约1％，比特币下降了近20％。

A familiar scene

一个熟悉的场景

Gold's current performance may remind everyone of the situation in 2024. At that time, cryptocurrencies and US stocks were trading sideways, while gold hit new highs. Between March and October, Bitcoin fluctuated between $50,000 and $70,000, while gold rose nearly 40% to $2,800. With Trump's election, Bitcoin soared to more than $100,000, while gold's gains stagnated as funds flowed from safe-haven assets to risky assets.

Gold目前的表现可能使每个人在2024年的情况。在3月至10月之间，比特币在50,000美元至70,000美元之间波动，而黄金上涨了近40％，至2,800美元。随着特朗普的当选，比特币飙升至100,000美元以上，而当资金从避风者资产流向风险资产时，黄金的收益停滞不前。

Now the situation has changed. Bold.report data shows that gold ETFs have recorded the largest inflows since the beginning of 2022 in the past 30 days, increasing gold holdings by 3 million ounces.

现在情况已经改变。 BOLD.RERPORT数据显示，黄金ETF在过去30天内的2022年初以来的流入量最大，将黄金持有量增加了300万盎司。

In contrast, SoSoValue data shows that U.S. spot Bitcoin ETFs have seen outflows of $5 billion since February, setting a record for the worst outflow in a year.

相比之下，Sosovalue数据表明，自2月以来，美国现货比特币ETF的流出价为50亿美元，创造了一年中最差流出的记录。

Crypto market trading volume and futures activity have both seen a significant decline. According to CoinDesk statistics, trading activity on centralized exchanges (CEX) has fallen sharply, with spot and derivatives trading volumes falling 20.6% to $7.20 trillion, the lowest level since October last year.

加密市场交易量和期货活动都大幅下降。根据Coindesk统计数据，集中交易所（CEX）的交易活动急剧下降，现货和衍生品交易量下降了20.6％，至7.20万亿美元，这是自去年10月以来的最低水平。

CME Bitcoin futures volume also fell 20.3% to $175 billion, causing CME's total cryptocurrency trading volume to fall 19.9% to $229 billion. This was the first decline in five months and was consistent with the downward trend of the BTC CME annualized basis. Currently, the BTC CME annualized basis has fallen to 4.08%, the lowest level since March 2023.

CME比特币期货量也下降了20.3％，至1.75亿美元，导致CME的总加密货币交易量下降了19.9％，至229亿美元。这是五个月内的第一次下降，与BTC CME年度化的下降趋势一致。目前，BTC CME年化基础已降至4.08％，这是自2023年3月以来的最低水平。

Bitcoin = Gold for Adolescence?

比特币=青春期的黄金？

This isn’t the first time Bitcoin has decoupled from the definition of a safe haven asset. During the COVID-induced market crash in 2020, Bitcoin plunged more than 50% in two days. Still, the narrative of digital gold has been mentioned repeatedly in recent years.

这不是比特币第一次与避风港资产的定义解耦。在2020年共同引起的市场崩溃中，比特币在两天内跌幅超过50％。尽管如此，近年来反复提到了数字黄金的叙述。

In particular, the Trump administration mentioned the safe-haven potential of Bitcoin in its executive order and plans to establish a national Bitcoin reserve. The core of this argument is that by reserving Bitcoin, financial instability can be hedged, which is similar to the logic of reserving gold and oil.

特别是，特朗普政府提到了比特币在其行政命令中的避风势潜力，并计划建立国家比特币储备。该论点的核心是，通过保留比特币，可以对冲金融不稳定，这类似于保留黄金和石油的逻辑。

However, some people are more cautious. Eric Balchunas, an analyst at Bloomberg Intelligence, once compared Bitcoin to "hot pepper sauce" in investment, believing that it can add some "flavor" to traditional stock and bond portfolios. Compared with other high-risk assets, what attracts him to Bitcoin is "the narrative behind it about hedging against the depreciation of the US dollar."

但是，有些人更加谨慎。彭博情报局的分析师埃里克·巴尔库纳斯（Eric Balchunas）曾经将比特币与投资中的“胡椒酱”进行了比较，他认为它可以为传统股票和债券投资组合增加一些“风味”。与其他高风险资产相比，吸引他比特币的是“背后的叙述是关于对冲美元折旧的习惯”。

“For me, Bitcoin is like gold in its adolescence,” Balchunas said.

“对我来说，比特币就像黄金的青春期一样，” Balchunas说。

Some market observers also pointed out that Bitcoin's performance is more like an over-glorified technology stock than digital gold. Nate Geraci, president of ETF Store, said on the X platform: "If Bitcoin is equivalent to 'digital gold', then it should behave like gold. Otherwise, it will reinforce the argument that Bitcoin is just a highly volatile asset. In my opinion, most cryptocurrencies are equivalent to technology stocks, so they are and will continue to be affected by the sell-off of technology stocks."

一些市场观察家还指出，比特币的性能更像是一种过度氯化的技术库存，而不是数字黄金。 ETF Store总裁Nate Geraci在X平台上说：“如果比特币等同于'数字黄金'，那么它应该像黄金一样行事。否则，它将加强这样的论点，即比特币只是一个高度波动的资产。我认为，大多数加密货币等于技术股票，因此他们在技术库存中将继续受到技术的影响，因此，技术的销售销售。

Balanced Configuration

平衡配置

It is not surprising that gold outperforms Bitcoin. After all, gold has a history of wealth preservation for hundreds of years and is a globally recognized safe-haven asset. In contrast, although Bitcoin has performed poorly recently, its long-term potential is still worth paying attention to. For investors who want to diversify their investment risks, simultaneous allocation may be an effective strategy.

黄金优于比特币也就不足为奇了。毕竟，黄金拥有数百年的财富保存历史，并且是全球公认的避风港资产。相比之下，尽管比特币最近的表现较差，但其长期潜力仍然值得关注。对于想要使投资风险多样化的投资者，同时分配可能是一个有效的策略。

Gold's appeal lies in its low volatility and its role as a hedge against economic uncertainty. Data shows that last year, gold's long-term volatility was only 15%, while Bitcoin's volatility was as high as 40%. However, Bitcoin's

黄金的吸引力在于其低波动率和作为对冲经济不确定性的作用。数据显示，去年，Gold的长期波动仅为15％，而比特币的波动率高达40％。但是，比特币的