比特幣顯示出更便宜的數據信號，分析師關注黃金輪動

最近的數據表明，比特幣的價格比 2017 年更具吸引力，分析師觀察到黃金的潛在轉變以及長期持有者積累的增加。

New York, NY - January 31, 2026 - In a market landscape buzzing with activity, Bitcoin is currently presenting data points that suggest a more compelling valuation than seen back in 2017. This comes as analysts are increasingly scrutinizing the cryptocurrency's relationship with gold, noting signs of significant relative weakness that echo patterns observed at previous long-term market bottoms.

紐約州紐約 - 2026 年 1 月 31 日 - 在活躍的市場格局中，比特幣目前提供的數據點顯示，其估值比 2017 年更具說服力。分析師越來越多地審視加密貨幣與黃金的關係，注意到明顯相對疲軟的跡象，這與之前長期市場底部觀察到的模式相呼應。

Bitcoin's Value Proposition Against Gold

比特幣相對於黃金的價值主張

Data emerging from Bitwise Europe indicates that the ratio of Bitcoin to gold has dipped to its lowest recorded level in January, even after adjusting for global money supply fluctuations. This metric, when adjusted for market conditions, has entered an extreme zone, historically associated with periods when Bitcoin was considered deeply undervalued. Similar readings were last observed in 2015, preceding a substantial multi-year recovery for Bitcoin. Michaël van de Poppe, a prominent analyst, commented, "Today represents a better opportunity to be buying Bitcoin than 2017," following the release of this data.

Bitwise Europe 的數據表明，即使在對全球貨幣供應波動進行調整後，比特幣與黃金的比率已降至 1 月份的最低記錄水平。根據市場條件進行調整後，該指標已進入極端區域，歷史上與比特幣被認為被嚴重低估的時期相關。上次觀察到類似讀數是在 2015 年，當時比特幣經歷了多年的大幅復甦。該數據發布後，著名分析師 Michaël van de Poppe 評論道：“今天是比 2017 年更好的購買比特幣的機會”。

Potential Rotation from Gold to Bitcoin?

從黃金到比特幣的潛在輪換？

The divergence in performance between gold, which has seen its price double over the past year, and Bitcoin's decline during the same period, has prompted discussions about a potential capital rotation from gold into Bitcoin. While some traders are considering this shift, analysts emphasize that such rotations are contingent on market conditions and precise timing. André Dragosch of Bitwise Europe highlighted that Bitcoin often garners significant attention following periods of relative weakness. Pav Hundal of Swyftx suggested that this rotation might commence in February or March, though he cautioned that these movements do not adhere to strict schedules. Conversely, some analysts, like Benjamin Cowen, advise caution, suggesting that Bitcoin might continue to underperform broader markets and that a rapid shift from gold to Bitcoin may not be imminent.

黃金價格在過去一年翻了一番，而比特幣同期則下跌，兩者之間的表現差異引發了關於資本可能從黃金轉向比特幣的討論。雖然一些交易員正在考慮這種轉變，但分析師強調，這種輪換取決於市場狀況和精確的時機。 Bitwise Europe 的 André Dragosch 強調，比特幣在相對疲軟的時期後往往會引起極大關注。 Swyftx 的 Pav Hundal 表示，這種輪換可能會在 2 月或 3 月開始，但他警告說，這些移動並不遵守嚴格的時間表。相反，本傑明·考恩（Benjamin Cowen）等一些分析師建議謹慎行事，認為比特幣可能繼續跑輸大盤，而且從黃金到比特幣的快速轉變可能不會很快到來。

Long-Term Holders Accumulating

長期持有者不斷積累

On-chain data provides further insights, revealing that long-term Bitcoin holders have been increasing their supply during January's price dip. These holders, typically defined as those holding Bitcoin for over 155 days, often signal reduced selling pressure through their behavior. CheckOnChain data indicates a recovery in long-term holder supply, coupled with a decline in the Long-Term Holder Spent Binary indicator, suggesting fewer coins are being moved to exchanges. This pattern is consistent with previous market cycles where accumulation by long-term holders preceded price recoveries. Market watchers are observing these trends closely, as price reactions historically follow shifts in market behavior, supporting the notion that Bitcoin appears cheaper today than in 2017 based on available data.

鏈上數據提供了進一步的見解，表明長期比特幣持有者在 1 月份價格下跌期間一直在增加供應。這些持有者通常被定義為持有比特幣超過 155 天的人，通常通過他們的行為表明拋售壓力有所減輕。 CheckOnChain 數據表明，長期持有者供應量有所恢復，加上長期持有者支出二元指標的下降，表明轉移到交易所的代幣數量減少。這種模式與之前的市場週期一致，即長期持有者在價格回升之前進行積累。市場觀察人士正在密切觀察這些趨勢，因為從歷史上看，價格反應會跟隨市場行為的變化，這支持了這樣的觀點：根據現有數據，比特幣今天似乎比 2017 年更便宜。

Market Stress and Compression Dynamics

市場壓力和壓縮動態

Meanwhile, other analyses point to a different narrative, where Bitcoin price recently dipped below a critical volatility band near $83,000 in late January 2026. On-chain data reveals a rapid spread of losses across holders, placing Bitcoin in a zone historically linked to heightened stress and late-stage corrections. The breakdown below the Gaussian Channel on the weekly chart suggests weakening momentum rather than an immediate capitulation, though broader market conditions remain fragile. Sentiment indicators show increased defensiveness, with growing expectations of deeper retracements. However, on-chain data, specifically the ratio of UTXOs in loss versus profit, has fallen to levels typical of late correction phases, indicating that selling pressure may diminish as fewer participants remain in profit. This environment suggests that Bitcoin's price action is increasingly shaped by compression, where fear is amplified, but the incentive to sell aggressively is reduced.

與此同時，其他分析則指出了不同的說法，即比特幣價格最近在 2026 年 1 月下旬跌破了接近 83,000 美元的關鍵波動帶。鏈上數據顯示，持有者之間的損失迅速蔓延，使比特幣處於歷史上與壓力加劇和後期調整相關的區域。週線圖上跌破高斯通道表明動能正在減弱，而不是立即投降，儘管更廣泛的市場狀況仍然脆弱。情緒指標顯示防禦性增強，對更深回調的預期越來越高。然而，鏈上數據，特別是 UTXO 損失與利潤的比率，已降至後期調整階段的典型水平，表明隨著盈利參與者減少，拋售壓力可能會減弱。這種環境表明，比特幣的價格走勢越來越受到壓縮的影響，恐懼情緒被放大，但積極拋售的動機卻減少了。

It's an interesting time in the crypto world, where data is painting a picture of potential opportunity amidst market choppiness. Keep an eye on those charts, folks!

這是加密貨幣世界的一個有趣的時刻，數據正在描繪市場動盪中潛在機會的圖景。伙計們，請留意這些圖表！