比特幣違反了4月的期望，比主要傳統資產的波動率較低，同時發揮了兩位數的增長。

根據Galaxy Digital的分析師的說法，比特幣（BTC）在過去的10次交易中實現了波動率，降至43.86

Bitcoin (BTC) defied expectations in April by delivering double-digit gains while also posting lower volatility than major traditional assets, new analysis shows.

新分析顯示，比特幣（BTC）通過提供兩位數的增長，同時發布的波動性低於主要傳統資產，而違反了期望。

According to analysts at Galaxy Digital, Bitcoin’s realized volatility over the past 10 trading sessions dropped to 43.86, placing it below the S&P 500’s 47.29 and the Nasdaq 100’s 51.26 — an unusual “positioning for a digital asset traditionally known for its outsized volatility.”

根據Galaxy Digital的分析師的說法，比特幣在過去的10個交易中的實現波動率下降到43.86，將其置於標準普爾500指數的47.29和NASDAQ 100的51.26以下，這是一種不尋常的“定位”，以其傳統上的數字資產定位，以其超大型揮發性而聞名。 ”

The data point comes in the backdrop of renewed financial turbulence since US President Donald Trump’s Liberation Day tariff announcement on April 2.

自4月2日美國總統唐納德·特朗普（Donald Trump）的解放日關稅公告以來，數據點是新的金融動蕩的背景。

Nasdaq Composite is flat, Bloomberg Dollar Index dropped nearly 4%, and even gold (typically a safe haven) briefly hit $3,500 per ounce before pulling back to a 5.75% gain, Galaxy Digital analysts said in a May 12 note.

Galaxy Digital Analyst在5月12日的註釋中說，納斯達克復合材料是扁平的，彭博美元指數下降了近4％，甚至黃金（通常是避風港）短暫地達到了每盎司3,500美元，然後又恢復了5.75％的收益。

However, they noted that Bitcoin surged 11% in the same period, reinforcing its evolving role as a macro hedge amid geopolitical and fiscal uncertainty.

但是，他們指出，同一時期比特幣飆升了11％，在地緣政治和財政不確定性中加強了其作為宏觀對沖的作用。

Bitcoin's correlation with major indexes declines

比特幣與主要索引的相關性下降

The analysts noted that Bitcoin still maintains elevated 30-day correlations with major indexes, around 0.62 with the S&P and 0.64 with the Nasdaq. But its beta has declined, signaling that investors may be treating it less as a high-risk asset and more as a long-term allocation.

分析師指出，比特幣仍然與主要指數保持30天的相關性，標準普爾與標準普爾（S＆P）約為0.62，而納斯達克（NASDAQ）則保持0.64。但是它的beta下降了，表明投資者可能將其視為高風險資產，而將其視為長期分配。

“Bitcoin as a non-sovereign asset means an investor doesn’t need the full faith or tax basis of a nation to support the integrity of the asset,” said Chris Rhine, head of liquid active strategies at Galaxy.

“比特幣作為非主管資產意味著投資者不需要國家的全部信仰或稅收基礎來支持資產的完整性，” Galaxy液體活動策略負責人克里斯·萊恩（Chris Rhine）說。

Galaxy said that the recent investor behavior mirrors what was observed during the 2018–2019 US-China trade tensions when Bitcoin rallied amid rising global uncertainty.

Galaxy表示，最近的投資者行為反映了2018 - 2019年美國 - 中國貿易緊張局勢期間比特幣在全球不確定性上升時集會的情況。

Hank Huang, CEO of Kronos Research, told Cointelegraph that surging ETF inflows and Strategy’s ongoing Bitcoin purchases are helping reshape Bitcoin into a digital version of gold, less tied to equities.

Kronos Research的首席執行官Hank Huang告訴Cointelegraph，ETF流入和策略正在進行的比特幣購買正在幫助將比特幣重塑為數字版本的黃金，而與股票息息相關。

“As institutions deepen liquidity, volatility drops, making Bitcoin a cornerstone for portfolios,” Huang added.

Huang補充說：“隨著機構加深流動性，波動率下降，使比特幣成為投資組合的基石。”

Institutions view Bitcoin as hedge

機構將比特幣視為樹籬

Meanwhile, Galaxy’s OTC trading desk said the market posture is “tactically cautious but structurally constructive,” marked by disciplined leverage and low hedging stress.

同時，Galaxy的OTC貿易台表示，市場姿勢“戰術上是謹慎但在結構上具有建設性的”，標誌著紀律嚴明的槓桿作用和低對沖壓力。

With 95% of Bitcoin’s total supply already mined and growing interest from institutions, ETFs and even governments, Bitcoin is increasingly being viewed as a digital store of value.

比特幣總供應量的95％已經被挖掘出來，並且來自機構，ETF甚至政府的利息日益增加，比特幣越來越被視為價值的數字存儲。

“Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value,” said Ian Kolman, co-portfolio manager at Galaxy.

Galaxy的聯合投資組合經理Ian Kolman說：“比特幣的供求動力正在鞏固其作為價值成熟的數字商店的位置。”

On April 25, Jay Jacobs, BlackRock’s head of thematics and active ETFs, said there has been a long-term trend in which countries have been reducing their reliance on dollar-based reserves in favor of assets like gold and, increasingly, Bitcoin.

4月25日，貝萊德（BlackRock）主題和活躍ETF的負責人傑伊·雅各布斯（Jay Jacobs）表示，長期趨勢是，各國一直在減少對美元基於美元的儲備，而依靠黃金和越來越多的比特幣等資產。

He noted that geopolitical fragmentation is fueling demand for uncorrelated assets, with Bitcoin increasingly viewed alongside gold as a safe-haven asset.

他指出，地緣政治破碎促進了對不相關資產的需求，比特幣越來越多地將黃金視為安全資產。