比特幣（BTC）在四月份顯示了與股票獨立的閃光，續簽希望它正在發展為真正的宏觀樹籬

比特幣在四月份顯示出遠離股票的獨立閃爍，續簽希望它正在發展成為真正的宏觀樹籬。但是，Vaneck的最新數據講述了一個不同的故事。

In April, Bitcoin (BTC) showed flashes of independence from equities, renewing hopes that it’s evolving into a true macro hedge. However, recent data from VanEck tells a different story.

4月，比特幣（BTC）展示了遠離股票的獨立閃爍，續簽希望它正在發展為真正的宏觀對沖。但是，Vaneck的最新數據講述了一個不同的故事。

In a monthly recap published on Monday, analysts at VanEck say that the flagship crypto asset is still closely linked with traditional markets, quickly resyncing with major indices after a brief divergence.

Vaneck的分析師在周一發布的每月回顧中說，旗艦加密資產仍然與傳統市場密切相關，在短暫發散後迅速與主要指標重新同步。

Bitcoin briefly showed signs of decoupling from US equities during the week ending April 6, when former President Trump announced new tariff measures that rattled global markets. While equities and gold declined, Bitcoin rose from $81,500 to over $84,500 by week’s end, hinting at a potential shift toward independent price action.

比特幣在截至4月6日的一周內短暫顯示了與美國股票脫鉤的跡象，當時特朗普前總統宣布了對全球市場震撼的新關稅措施。儘管股票和黃金下降，但比特幣從81,500美元上漲至超過84,500美元，這暗示了向獨立價格行動的潛在轉變。

This divergence fueled hopes that Bitcoin might break away from traditional risk asset behavior and push toward new highs. However, the momentum did not last long, and the asset soon resumed trading in line with equity markets.

這種差異助長了比特幣可能會脫離傳統風險資產行為，並推向新的高點。但是，勢頭並沒有持續很長時間，資產很快就與股票市場保持一致的交易。

Offering more context in this area—and drawing on data from VanEck Research and Artemis XYZ—VanEck says that Bitcoin has not meaningfully decoupled from the stock market.

Vaneck說，在這一領域提供更多背景以及利用Vaneck Research和Artemis XYZ的數據，他說比特幣並未有意義地與股票市場脫鉤。

Although the 30-day moving average correlation between BTC and the S&P 500 briefly dipped below 0.25 in early April, it quickly rebounded to around 0.55 by the end of the month.

儘管4月初，BTC和標準普爾500標準標準比500之間的30天移動平均相關性在0.25以下，但到本月底，它很快反彈至0.55。

Still, Bitcoin outperformed the major stock indices during the month. It gained 13%, while the Nasdaq Composite fell 1% and the S&P 500 posted only a slight increase.

儘管如此，比特幣在這個月中的表現優於主要庫存指數。它上漲了13％，而納斯達克綜合材料下跌了1％，標準普爾500率僅略有增加。

Perhaps most notably, Bitcoin’s volatility declined by 4% in April, even as volatility in equity markets doubled amid rising geopolitical and trade tensions.

也許最值得注意的是，4月份比特幣的波動率下降了4％，儘管股票市場的波動率在地緣政治和貿易緊張局勢上升而增加了一倍。

Structural tailwinds are building

結構性的尾風正在建造

According to VanEck, despite the fact that Bitcoin still behaves like a risk asset in the short term, structural tailwinds, including aggressive corporate BTC accumulation, may be setting the stage for long-term divergence.

Vaneck認為，儘管比特幣在短期內仍然表現得像風險資產，但結構性的後風（包括積極的企業BTC積累）可能為長期發散奠定了基礎。

As individuals, corporations, and central banks increasingly view Bitcoin as a sovereign, uncorrelated store-of-value, its long-term behavior could break free from that of traditional risk assets.

由於個人，公司和中央銀行越來越多地將比特幣視為主權，不相關的商店，其長期行為可能會擺脫傳統風險資產的影響。

Russia and Venezuela, which have already begun embracing Bitcoin’s utility in international trade, are early examples of this transformation, analysts suggest.

分析人士建議，俄羅斯和委內瑞拉已經開始接受比特幣在國際貿易領域的效用，這是這種轉型的早期例子。

At the corporate level, Bitcoin accumulation was active in April. To recap, Strategy added 25,400 BTC to its holdings, while Metaplanet and Semler Scientific also made significant purchases.

在公司一級，比特幣積累在4月活躍。回顧一下，策略在其持股中增加了25,400 BTC，而Metaplanet和Semler Scientific也進行了大量購買。

A key highlight of the month was the launch of a new venture, XXI (Twenty One), formed by Softbank, Tether, and Cantor Fitzgerald, with the goal of acquiring over $3 billion worth of Bitcoin.

本月的一個關鍵亮點是由軟銀，繫帶和康托爾·菲茨杰拉德（Cantor Fitzgerald）組成的新型XXI（二十一家）的成立，目的是收購價值超過30億美元的比特幣。

This signals Bitcoin’s growing role on corporate balance sheets, as institutional exposure shifts from speculative bets to long-term strategic positioning.

這表明比特幣在公司資產負債表上的作用不斷增長，因為機構風險從投機賭注轉變為長期戰略定位。

Crypto stumbles as Bitcoin holds steady

當比特幣保持穩定時，加密貨幣偶然

Bitcoin dodged the tariff fallout, but altcoins were not as lucky.

比特幣躲過了關稅的影響，但Altcoins並不那麼幸運。

Layer 1 networks led the decline, with Ethereum, Solana, and Sui all posting heavy drawdowns from their January highs, falling between 66% and 68%, according to VanEck. The MarketVector Smart Contract Leaders Index (MVSCLE) dropped 5% in April and is now down 34% year-to-date.

Vaneck的數據顯示，第1層網絡的領導下降，以太坊，Solana和Sui的一月份高潮都大量下降，下降了66％至68％。 MarketVector Smart合同領導指數（MVSCLE）在4月下降了5％，現在逐年下跌34％。

The slump followed a global equity selloff triggered by new trade tariffs, compounded by unlock fatigue and heavy losses in speculative sectors like DeFi AI, DeSci, and AI Agents. Meme coin trading volume also collapsed by 93% between January and March.

低迷之後是由新的貿易關稅引發的全球股權拋售，這是由於諸如Defi AI，Desci和AI代理商等投機部門的疲勞和巨大損失而加劇了。在1月至3月期間，Meme硬幣交易量也崩潰了93％。

However, some chains managed to buck the trend, including Sui, Solana, and Stacks.

但是，有些連鎖店設法阻止了SUI，Solana和Stacks在內的趨勢。