比特幣[BTC]上週與美國股票分離，並於本週早些時候保持了趨勢

比特幣[BTC]上週與美國股票分離，並在本週早些時候保持了趨勢。

Bitcoin [BTC] decoupled from U.S stocks last week and maintained the trend earlier this week. In fact, over the last five trading days, the cryptocurrency rallied by 5%. It went on to tap $90k during Tuesday’s early morning trading session.

比特幣[BTC]上週與美國股票分離，並在本週早些時候保持了趨勢。實際上，在過去的五個交易日中，加密貨幣增加了5％。在周二清晨的交易會議上，它繼續敲擊了90,000美元。

Over the same period, the S&P 500 Index (SPY) fell down by 5% while tech-heavy Nasdaq slipped by 6%.

在同一時期，標準普爾500指數（SPY）下跌了5％，而技術繁重的納斯達克卻下跌了6％。

Source: Google Finance

資料來源：Google Finance

A major decoupling?

一個主要的脫鉤？

Well, this hasn’t always been the case since BTC had been moving alongwith U.S equities as a risk-on asset since February.

好吧，自BTC以來，自2月以來，BTC一直將美國股票作為一種風險資產遷移以來，情況並非總是如此。

According to the BTC Pearson Correlation (30-day) indicator, the crypto’s positive correlation to U.S stocks strengthened from late February.

根據BTC Pearson的相關性（30天）指標，加密貨幣與美國股票的正相關從2月下旬加強。

Source: The Block

來源：塊

However, from 15 April, BTC decoupled from the S&P 500 and the Nasdaq Composite. Afterwards, it correlated positively with gold, suggesting it began behaving as a ‘risk-off asset’ or ‘safe haven’ trade from mid-April.

但是，從4月15日開始，BTC與標準普爾500指數和納斯達克復合材料分離。之後，它與黃金呈正相關，表明它開始表現為4月中旬的“冒險資產”或“避風港”貿易。

In fact, in a recent CNBC interview, market analyst and FundStrat CIO Tom Lee said,

實際上，在最近一次CNBC採訪中，市場分析師和FutdStrat Cio Tom Lee說，

“BTC is going to catch up to gold. Its ATH was over $100K. There’s room to catch up as a non-dollar asset.”

“ BTC將趕上黃金。它的ATH超過10萬美元。有空間可以作為非美元資產。”

He noted that the recent de-leveraging of U.S dollar-based assets (sell-off) was over and could boost BTC going forward.

他指出，最近基於美元的資產（拋售）的去槓桿化已經結束，並且可以提高BTC的前進。

For Galaxy Digital’s Head of Research Alex Thorn, Bitcoin’s decoupling trend from U.S stocks is remarkable. However, he warned that it wouldn’t last.

對於Galaxy Digital的研究主管Alex Thorn而言，比特幣與美國股票的脫鉤趨勢非常出色。但是，他警告說這不會持續。

The sustained sell-off in the U.S dollar and U.S stocks has been driven by ongoing threats by President Donald Trump to fire Fed chair Jerome Powell for being “too late” to cut interest rates.

唐納德·特朗普（Donald Trump）總統持續威脅杰羅姆·鮑威爾（Jerome Powell）持續的威脅杰羅姆·鮑威爾（Jerome Powell）持續的威脅，持續的售罄和美國股票的銷售是為了降低利率。

Most analysts view Trump’s move as a breach of Fed independence. This has dented confidence and sparked a mass investor exodus from U.S markets to gold, BTC, and other markets.

大多數分析師都將特朗普的舉動視為違反美聯儲獨立性的行為。這已經掩蓋了信心，並引發了從美國市場到黃金，BTC和其他市場的大規模投資者出埃及記。

For its part, Gold knocked a new all-time high of $3.5k per ounce and BTC pumpped harder. In 2025 so far, Bitcoin has lagged behind gold and shed over 35% of its value. Whether the renewed ‘safe haven’ trade will tip it to regain lost ground against gold remains to be seen.

就其本身而言，Gold擊敗了每盎司3.5K $ 3.5K的新高點，而BTC則更加努力。到目前為止，到目前為止，比特幣落後於黃金，降低了其價值的35％以上。續籤的“避風港”貿易是否會給它帶來重新奪回對黃金的失落的地面。

Source: BTC/gold, TradingView

資料來源：BTC/Gold，TradingView