比特幣是否失去了作為安全資產的吸引力？在市場動盪中，投資者將黃金選擇在比特幣上作為避風港

在市場動蕩之中，投資者將黃金選擇在比特幣上作為避風港，從而提出了有關其“數字黃金”敘述的問題。

Investors are choosing gold over Bitcoin to find a safe haven amid market turbulence,suggesting that the narrative of Bitcoin (BTC) as “digital gold” might be losing its appeal.

投資者選擇黃金而不是比特幣，以在市場動盪中找到避風港，這表明比特幣（BTC）作為“數字黃金”的敘述可能正在失去吸引力。

Amid geopolitical instability and the ongoing global trade war, which President Trump began, investors are apparently turning to the more traditional safe-haven asset—gold—over Bitcoin in the current market downturn.

在特朗普總統開始的地緣政治不穩定和正在進行的全球貿易戰中，投資者顯然正在轉向當前市場低迷的比特幣更傳統的安全資產 - 古爾德。

According to a Thursday report from JP Morgan, global gold ETFs saw $21.1 billion in net inflows in Q1 2025.

根據JP Morgan的周四報告，全球黃金ETF在2025年第1季度的淨流入量為211億美元。

According to Cointelegraph, while Bitcoin ETFs briefly surpassed gold ETFs in terms of trading volume in late 2024, its advantage soon disappeared.

根據Cointelegraph的說法，雖然比特幣ETF在2024年底在交易量方面短暫超過了黃金ETF，但其優勢很快消失了。

Recently, the gold price also hit a new all-time high of $3,660 per ounce.

最近，黃金價格還達到了每盎司3,660美元的新歷史高價。

Meanwhile, Bitcoin is coping with three consecutive months of ETF outflows. Binance Futures saw many large negative net flows, indicating multiple outflow instances since January and signaling reduced speculative trading activity as traders potentially close positions or decrease exposure.

同時，比特幣連續三個月應對ETF流出。 Binance Futures看到了許多大型負淨流，這表明自1月以來的多個流出實例，隨著交易者的潛在接近職位或減少敞口，信號降低了投機性交易活動。

According to the report, Trump’s election initially spurred optimism in the crypto market, with many investors having high expectations for both Bitcoin and the broader crypto market.

根據該報告，特朗普的選舉最初在加密市場上引起了樂觀的刺激，許多投資者對比特幣和更廣泛的加密貨幣市場都有很高的期望。

However, the administration’s policies, including rising tariffs and the trade war with China, concerns over a global economic downturn, and a declining U.S. dollar have pushed investors toward the time-tested security of gold.

但是，政府的政策，包括關稅的上升和與中國的貿易戰爭，擔心全球經濟衰退，以及美元下降的美元，促使投資者邁向了經過時間測試的黃金安全性。

According to data from the World Gold Council (WGC), central banks' gold reserves saw a seven-quarter increase in the first quarter of 2025, indicating persistent demand for the precious metal.

根據世界黃金委員會（WGC）的數據，中央銀行的黃金儲備在2025年第一季度增加了四分之三，表明對貴金屬的需求持續。

According to the report, “suggesting that the ‘digital gold’ narrative for Bitcoin might be losing some appeal.”

根據報告，“暗示比特幣的'數字黃金敘事可能會失去一些吸引力。”

Earlier this month, JPMorgan analysts also said that “Bitcoin’s volatility and correlation with equities raise questions over its ‘digital gold' narrative,” while gold is seeing stronger demand.

本月初，摩根大通分析師還表示，“比特幣的波動和與股票的相關性引起了對其'數字黃金敘事的質疑”，而黃金的需求也更強。

Despite the outflows from Bitcoin ETFs and Binance Futures, the macroeconomic environment is quickly evolving.

儘管比特幣ETF和Binance Futures流出了流出，但宏觀經濟環境仍在迅速發展。

According to the report, less volatility could help restore Bitcoin’s safe-haven appeal. It remains to be seen how macro factors like monetary policy or ETF flows will shape Bitcoin’s path in the coming months.

根據該報告，較少的波動性可以幫助恢復比特幣的安全吸引力。在未來幾個月中，貨幣政策或ETF流量等宏觀因素將如何影響比特幣的道路，還有待觀察。