比特幣（BTC）相對於標準普爾500指數（BTC/SPX），比特幣（BTC）拒絕了其歷史最高的

比特幣（BTC）相對於標準普爾500指數（BTC/SPX），其歷史最高率從其歷史最高的高度拒絕了。這種拒絕並不完全出乎意料

Bitcoin (BTC) has seen a significant rejection from its all-time high relative to the S&P 500 (BTC/SPX). This rejection wasn’t entirely unexpected as analysts had previously highlighted trade uncertainties, which would lead to volatility.

比特幣（BTC）相對於標準普爾500指數（BTC/SPX），其歷史最高的抑製作用很大。這種拒絕並不是完全出乎意料的，因為分析師以前強調了貿易不確定性，這將導致波動。

With this retreat, the BTC/SPX has fallen by about 5%. This change is an indication of the general market responses to global economic phenomena. Among the motivations for this rejection, there is the moderation of trade strains.

隨著此撤退，BTC/SPX下降了約5％。這一變化表明了一般市場對全球經濟現象的反應。在這種拒絕的動機中，有貿易菌株的適度。

As a result of the US-China trade deal, there has been a reduction of tariff uncertainties. Consequently, stocks have been the main ones to benefit from the bettering of the trade relations. In its turn, Bitcoin experienced pressure with respect to selling, and as a result, its ratio to the S&P 500 went down.

由於美國 - 中國貿易協定，關稅不確定性減少了。因此，股票一直是從貿易關係的改善中受益的主要股票。反過來，比特幣在銷售方面遇到了壓力，因此，其與標準普爾500指數的比率下降了。

Bitcoin as Safe-Haven Asset

比特幣作為避風付款資產

In spite of that failed attempt, Bitcoin demonstrates its twofold character. During times of uncertainty, it operates as both a risk asset and a safe-haven asset. In a likely case of trade uncertainty and financial instability, Bitcoin is also found to be attractive to investment.

儘管嘗試失敗了，但比特幣表現出雙重特徵。在不確定性時期，它既是風險資產又是避風港資產。在貿易不確定性和金融不穩定的可能情況下，還發現比特幣對投資有吸引力。

One perfect example of this was in March 2023, when people resorted to BTC because of the issues in banking. This behavior shows how Bitcoin acts as a hedge during the turbulent times.

一個完美的例子是在2023年3月，當時人們由於銀行業的問題而訴諸BTC。這種行為表明了比特幣在動盪時期的行為。

As Bitcoin grows more mature, its market behavior will tend to change. This change will be brought about by its growing market cap and institutional interests. As time goes by, BTC will tend to act more like it was meant to act. Investors are expecting it to be more stable and aligned to its goal of being a store of value.

隨著比特幣越來越成熟，其市場行為將趨於變化。這種變化將由其不斷增長的市值和機構利益帶來。隨著時間的流逝，BTC的行為往往更像是要採取行動。投資者期望它會更加穩定，並與其成為價值存儲的目標保持一致。

Seasonal Trends in Trading

交易的季節性趨勢

Daan, quoted the seasonal trading stated: “Sell in May and go away” People tend to forget that there is always a slower time for selling shares. He, however, noted that May is normally a good month for markets. The average market return in the month of May has in the past been over 8%. On the other side, June is traditionally one of the months when stocks perform the worst, together with September.

丹恩（Daan）引用季節性交易的話說：“五月出售”人們往往會忘記銷售股票的時間較慢。但是，他指出，對於市場來說，梅通常是一個好月份。過去5月的平均市場回報率超過8％。另一方面，六月是股票與9月一起表現最差的幾個月之一。

Although seasonality should not control the decision-making on investment, it always affects the behavior of the investors.

儘管季節性不應控制投資的決策，但它總是影響投資者的行為。