比特幣（BTC）將其與傳統股票市場的傳統關聯落後

一項最新的花旗集團分析表明，比特幣將其與傳統股票市場的傳統協會拋在落後。虛擬貨幣在最新的財務衝擊事件中表現出了不典型的穩定性，使專家重新考慮將其納入投資者投資組合。

Citigroup's latest analysis suggests that Bitcoin is gradually leaving behind the traditional associations it had with major stock markets. A glance at how the virtual currency displayed uncharacteristic stability in latest episodes of financial shock has experts mulling over including it into investor portfolios.

花旗集團的最新分析表明，比特幣逐漸拋棄了與主要股票市場的傳統協會。一眼目前，虛擬貨幣在最新的金融衝擊事件中如何表現出異常的穩定性，這使專家們對投資者投資組合（包括它）進行了思考。

Bitcoin Outperformed S&P And EuroStoxx Indexes On A Volatility-Adjusted Basis

比特幣以波動率調整的基礎優於S＆P和Eurostoxx指數

Bitcoin has outperformed both the S&P and EuroStoxx indexes on a volatility-adjusted basis, according to Citigroup analysts. As the world watched closely to see how the cryptocurrency would respond to a series of economic events in 2024, it seems the digital asset has emerged largely unscathed.

根據花旗集團分析師的說法，比特幣的表現優於S＆P和Eurostoxx索引。當世界密切關注的是，加密貨幣將如何應對2024年的一系列經濟事件，似乎數字資產在很大程度上毫髮無損。

Matthew Sigel, head of Digital Assets Research at VanEck, highlighted the report's conclusions regarding Bitcoin's consistent performance throughout major market events.

Vaneck數字資產研究負責人Matthew Sigel強調了該報告的結論，該結論涉及比特幣在整個主要市場事件中的持續性能。

The digital currency has outperformed price expectations derived from macroeconomic variables by more than 10% since the beginning of March, indicating what could be a risk premium independent of normal market forces.

自3月初以來，數字貨幣的表現優於宏觀經濟變量的價格預期超過10％，這表明可能是獨立於正常市場力量的風險溢價。

“Bitcoin’s performance during certain financial-stress periods – ie, SVB turmoil, Sept 23 US bond term-premium rise, and recent market volatility – warrants attention as a potential indicator of its maturing adoption and purpose as an asset class.” – Citi pic.twitter.com/8ixp44fg3T

“比特幣在某些財務壓力期間的表現 - IE，SVB動盪，9月23日美國債券期限上升以及最近的市場波動 - 值得關注，這是其成熟的採用和作為資產類別的目的的潛在指標。” - 花旗pic.twitter.com/8ixp44fg3t

— matthew sigel, recovering CFA (@matthew_sigel) April 25, 2025

- Matthew Sigel，恢復CFA（@matthew_sigel）2025年4月25日

As Silicon Valley Bank went bust in March 2023, Bitcoin prices remained above $21,000 and closed the month going above $28,000 during the time traditional investments went down. Later, in September 2023, when US bond term premiums were going up, Bitcoin opened at nearly $25,000 and closed at just above $26,000. These instances show how Bitcoin can remain stable when financial markets become turbulent.

隨著矽谷銀行在2023年3月的破產，比特幣的價格保持在21,000美元以上，並在傳統投資下降的時間內關閉了28,000美元以上。後來，在2023年9月，當美國債券定期保費上升時，比特幣開盤價將近25,000美元，收於26,000美元以上。這些實例表明，當金融市場變得動盪時，比特幣如何保持穩定。

Most recently, US President Donald Trump's tariff announcements have triggered market volatility that saw Bitcoin drop below $75,000. However, the digital currency rebounded quickly, going above $90,000 again and outperforming old-school stocks. Bitcoin is still the best-performing asset since the November US election despite recent market volatility.

最近，美國總統唐納德·特朗普（Donald Trump）的關稅公告引發了市場波動，使比特幣下降到75,000美元以下。但是，數字貨幣迅速反彈，再次超過90,000美元，並且表現優於老式股票。儘管最近的市場波動，但比特幣仍然是11月美國大選以來表現最好的資產。

Bitcoin ETF Money Flows Remain Strong Despite Market Jitters

儘管市場令人不快，但比特幣ETF貨幣流仍然強大

As per the Citigroup report, funds entering Bitcoin ETFs have remained stable, while investors are pulling out of Ethereum ETFs. CryptoQuant explained that institutional players, not retail buyers, appear to be behind Bitcoin's increasing prices. The analysts cited ETF flows and interest in futures markets as key drivers of recent price action.

根據花旗集團的報告，進入比特幣ETF的資金保持穩定，而投資者正在退出以太坊ETF。 CryptoQuant解釋說，機構參與者而不是零售買家，似乎是比特幣價格上漲的背後。分析師認為ETF流動和對期貨市場的興趣是最近價格行動的關鍵動力。

Both on-chain and off-chain indicators paint a mixed picture of Bitcoin's situation. Citigroup says the overall stablecoin value continues to rise solidly, even during turbulent times. Ethereum's main chain usage has increased, but activity is waning on Layer 2 leverage. The same goes for activity on the Bitcoin network: intermittent burst activity.

鏈上和鍊鍊指標都描繪了比特幣情況的混合圖片。花旗集團說，即使在動盪時期，總體穩定價值也繼續穩定增長。以太坊的主鏈使用情況有所增加，但活動在第2層槓桿率上正在減弱。比特幣網絡上的活動也是如此：間歇性突發活動。

Some analysts believe these factors indicate that Bitcoin is forming its individual market behavior, partially influenced by a recovering gold market and a weakening US dollar. Investor dollars into the Bitcoin ETF have remained stable during downturns, leading some to speculate that institutional investors are developing a different view of the cryptocurrency than they have held historically.

一些分析人士認為，這些因素表明比特幣正在形成其個人市場行為，部分受到恢復黃金市場和美元疲軟的影響。投資者向比特幣ETF的投資者在低迷期間保持穩定，導致一些人推測機構投資者對加密貨幣的看法與歷史上的看法不同。