比特幣（BTC）形成新的運動模式，與風險資產分離

紐約數字投資集團（NYDIG）的最新報告顯示，比特幣市場行為發生了重大變化。

A recent report by the New York Digital Investment Group (NYDIG) has highlighted a significant shift in Bitcoin's market behavior, forming a new pattern of movement that is not in line with risk assets.

紐約數字投資集團（NYDIG）最近的一份報告強調了比特幣市場行為發生了重大變化，形成了一種與風險資產不符的新運動模式。

The report, titled "The Fabric of Financial Value: Decoding a New Macro Regime," delves into the broader market trends and their implications for Bitcoin. At a time when the S&P 500 index was showing declines and traditional safe-haven assets, such as the U.S. dollar and 10-year Treasury bonds, were also losing ground, Bitcoin displayed strong gains.

該報告的標題為“財務價值的結構：解碼新的宏觀制度”，研究了更廣泛的市場趨勢及其對比特幣的影響。在標普500指數顯示下降的時候，傳統的避風勢資產（例如美元和10年的國庫券）也丟失了地面，比特幣表現出巨大的收益。

"Since ‘Liberation Day’ on April 2, a new picture of defensive assets has begun to emerge that includes Bitcoin," the report stated. "The first cryptocurrency has begun to behave more like the non-sovereign store of value that it inherently is, while other assets that were previously perceived as defensive, such as the U.S. dollar and 10-year Treasury bonds, have shown weakness."

報告說：“自4月2日的'解放日'以來，防禦性資產的新照片已經開始出現，其中包括比特幣。” “第一次加密貨幣已經開始表現得更類似於它固有的價值存儲，而其他以前被認為是防禦性的資產，例如美元和10年的國庫債券，表現出弱點。”

The New York Digital Investment Group's analysis shows a general trend - investors avoided pro-cyclical and U.S.-related assets. Among equities, either non-U.S. equities (developed and emerging markets) or defensive sectors of the U.S. equity market performed relatively well. Meanwhile, fixed income instruments performed better than equities, and gold outperformed commodity baskets, including energy and agriculture.

紐約數字投資集團的分析顯示了一般趨勢 - 投資者避免了促成周期性和與美國相關的資產。在股票中，非美國股票（發達和新興市場）或美國股票市場的防禦部門的表現相對較好。同時，固定收益工具的性能要比股票更好，黃金優於包括能源和農業在內的商品籃子。

"There are surprisingly few large and liquid options for investors who wish to avoid the impact of these geopolitical factors," the report noted. "All fiat currencies are ultimately linked to sovereign states, and even the Swiss franc has at times been subject to intervention by the Swiss National Bank."

報告指出：“對於希望避免這些地緣政治因素影響的投資者來說，很少有大型和流動性選擇。” “所有法定貨幣最終都與主權國家有關，甚至瑞士法郎有時也受到瑞士國家銀行的干預。”

The report's authors further explained that several cryptocurrencies are serving distinct functions in this evolving landscape. Among the major cryptocurrencies, only Bitcoin is focusing entirely on monetary or stored value functions, while other cryptocurrencies are better described as fuel for decentralized application platforms.

該報告的作者進一步解釋說，在這種不斷發展的景觀中，有幾種加密貨幣正在發揮不同的功能。在主要的加密貨幣中，只有比特幣完全專注於貨幣或存儲的價值功能，而其他加密貨幣則可以更好地描述為分散應用程序平台的燃料。

"The next four years will be accompanied by structurally higher volatility," the analysts stated. "Data shows a jump in volatility in equities (VIX index), currencies (CVIX index), and interest rates/bonds (MOVE index), and it is unlikely that these indicators will return to previous low levels."

分析師說：“接下來的四年將伴隨著結構上更高的波動性。” “數據顯示股票（VIX指數），貨幣（CVIX指數）和利率/債券（移動指數）的波動率有所增加，這些指標不太可能返回以前的低級水平。”

This heightened volatility, a direct consequence of the war in Ukraine and the subsequent economic uncertainty, has caused investors to question the reliability of the US dollar as a benchmark for "risk-free" investing.

這種波動性的提高，是烏克蘭戰爭的直接後果以及隨後的經濟不確定性，使投資者質疑美元的可靠性，作為“無風險”投資的基準。

The U.S. is currently engaged in a grand experiment with several initiatives unfolding simultaneously - in trade, immigration, fiscal spending, and deregulation - the results of which are yet to be determined.

美國目前正在進行一項大型實驗，並在貿易，移民，財政支出和放鬆管制方面同時展開了幾項倡議 - 結果尚未確定。

"The common denominator among these initiatives is an attempt to alter the fundamental economic and political equilibrium in order to generate new solutions to pressing issues such as income inequality, low interest rates, and a perceived decline in U.S. hegemony," the New York Digital Investment Group analysts explained.

紐約數字投資集團分析師解釋說：“這些舉措之間的共同點是試圖改變基本的經濟和政治均衡，以便為迫切的問題提供新的解決方案，例如收入不平等，低利率和美國霸權的感知下降。”

"However, despite the urgency, it is unclear whether these measures will succeed in the long term, and their short-term impact has been minimal. In fact, several of these initiatives have stalled or faced setbacks."

“但是，儘管有緊迫性，但尚不清楚這些措施從長遠來看是否會成功，而且它們的短期影響至少。

These endeavors are part of a broader theme in which established systems and institutions are being questioned and new paradigms are emerging in response to both perceived and real crises. This theme is also evident in the cryptocurrency sector, which is spurring innovation in decentralized finance and blockchain technology.

這些努力是一個更廣泛的主題的一部分，在該主題中，既定的系統和機構正在受到質疑，並且為了應對感知和真實的危機而出現了新的範式。該主題在加密貨幣領域也很明顯，該領域激發了分散的金融和區塊鏈技術的創新。

The report highlights the shifting roles of traditional and crypto assets in a turbulent market, presenting a unique perspective on the evolving fabric of financial value in the post-pandemic, war-torn world.

該報告強調了傳統和加密資產在動蕩的市場中的轉變，展現了關於經濟價值不斷發展的財務價值結構的獨特視角。