摩根大通說，比特幣BTC/USD進入了帶有黃金的零和階段

去年隨著貨幣折舊的對沖，比特幣BTC/USD和黃金不再同步後，在貨幣折舊的折舊方面升級後，比特幣BTC/USD和黃金不再同步。

Bitcoin BTC /USD and gold began 2024 in tandem, both rising as hedges against currency depreciation. However, that correlation has since broken down, and the two assets are now largely moving in a zero-sum fashion, according to JPMorgan.

比特幣BTC /USD和黃金在2024年開始時，都隨著對沖貨幣貶值而上升。但是，據摩根大通（JPMorgan）稱，這種相關性已經崩潰了，這兩個資產現在主要以零和方式移動。

What Happened: According to The Block, the two assets have entered a competitive dynamic in 2025, with gains in one increasingly coming at the other's expense.

發生的事情：根據該街區的說法，這兩個資產在2025年進入了競爭動態，其中一個越來越多地取得了另一個資產。

JPMorgan analysts, led by managing director Nikolaos Panigirtzoglou, observed a reversal in capital flows in recent months. From mid-February to mid-April, gold outperformed while Bitcoin lagged.

由董事總經理Nikolaos Panigirtzoglou領導的摩根大通分析師近幾個月來觀察到資本流動的逆轉。從2月中旬到4月中旬，比特幣落後時，黃金表現優於球。

But since late April, the trend has flipped: Bitcoin has climbed 18% while gold has dropped nearly 8%. Investor flows and futures data support this divergence, with capital leaving gold ETFs and entering Bitcoin funds.

但是自4月下旬以來，這種趨勢已經翻倒：比特幣攀升了18％，而黃金下降了近8％。投資者流動和期貨數據支持這一分歧，資本離開黃金ETF並進入比特幣基金。

The bank's strategists expect this competitive dynamic between the two assets to persist through the remainder of the year, though they see more potential upside for Bitcoin.

該銀行的戰略家們期望這兩個資產之間的這種競爭性動態能夠在今年剩餘時間內持續存在，儘管他們看到比特幣的潛在上升空間。

“We are biased towards crypto-specific catalysts creating more upside for Bitcoin over gold into the second half of the year,” the note said.

票據說：“我們偏向於特定於加密貨幣的催化劑，在下半年為比特幣增添了比特幣的上漲空間。”

One major factor behind Bitcoin's rise is increased institutional and public sector adoption. Strategy MSTR and Metaplanet have continued accumulating Bitcoin aggressively.

比特幣崛起的主要因素是機構和公共部門採用的增加。策略MSTR和Metaplanet繼續積極積累比特幣。

Strategy alone has already secured 60% of its $42 billion goal for Bitcoin purchases, aiming to complete it by 2027.

僅策略就已經確保了其420億美元的比特幣購買目標中的60％，旨在到2027年完成。

State Funds Now Flowing Into Bitcoin: A New Hampshire law now permits up to 5% of state assets to be held in Bitcoin and gold.

現在流入比特幣的國家資金：新罕布什爾州法律現在允許多達5％的州資產以比特幣和黃金持有。

Arizona is establishing a digital asset reserve funded by staking yields and token airdrops, and in return, will keep taxes at the same level.

亞利桑那州正在建立一個數字資產儲備，該儲備收益率和象徵性的空投將使稅收保持在同一水平。

These developments signal a growing acceptance of Bitcoin as a strategic reserve asset, and if more states follow suit, it could become a more significant factor.

這些事態發展表明，比特幣越來越接受戰略儲備資產，如果越來越多的州效仿，它可能會成為更重要的因素。

At the same time, structural changes in the crypto derivatives market are boosting investor confidence. Coinbase's COIN acquisition of Deribit, Kraken's purchase of NinjaTrader, and Gemini's expansion into European derivatives licensing are seen as milestones that could usher in greater institutional engagement, especially as regulatory clarity improves.

同時，加密衍生品市場的結構變化正在增強投資者的信心。 Coinbase對Deribit的硬幣收購，Kraken對Ninjatrader的購買以及Gemini擴展到歐洲衍生品許可的擴展被認為是可以更大的機構參與度的里程碑，尤其是隨著法規清晰度的改善。

Overall, with gold facing pressure and Bitcoin benefiting from sector-specific growth, JPMorgan anticipates the second half of the year to favor the leading cryptocurrency.

總體而言，摩根大通（JPMorgan）預計，由於黃金面臨壓力和比特幣受益於部門特定的增長，因此下半年會偏愛領先的加密貨幣。