根據JP Morgan的說法，比特幣流出越來越多地選擇比特幣而不是黃金。

據JP Morgan的分析師稱，隨著全球市場的變化，投資者越來越多地選擇比特幣而不是黃金，這表明了對數字資產的偏愛。

As global macroeconomic trends unfold, investors are increasingly turning to Bitcoin over gold, highlighting a strong preference for digital assets, analysts at JP Morgan have observed.

隨著全球宏觀經濟趨勢的發展，投資者越來越多地轉向比特幣，強調了對數字資產的強烈偏愛，JP Morgan的分析師觀察到。

Earlier this year, a “debasement trade” was in play, with both Bitcoin and gold being used by investors to hedge against weakening fiat currencies in response to inflation and other factors. However, a recent report by JP Morgan, titled ‘Flows & Liquidity: BTC Is Outperforming Gold In Terms Of Investor Flows’, shows that this dynamic has now flipped.

今年早些時候，“貶低貿易”正在發揮作用，投資者都使用了比特幣和黃金，以對沖弱化的法定貨幣，以應對通貨膨脹和其他因素。但是，JP Morgan的最新報告標題為“流動和流動性：BTC在投資者流動方面都優於黃金”，表明這種動態現已翻倒。

According to Nikolas Panigirtzoglou, Managing Director at JP Morgan, “From mid-February to mid-April this year, the rise in gold prices affected Bitcoin, but in the past three weeks, Bitcoin has been pushing out gold and rising.”

JP Morgan董事總經理Nikolas Panigirtzoglou表示：“從今年中旬到4月中旬，黃金價格上漲影響了比特幣，但在過去的三周中，比特幣一直在推出黃金和上升。”

According to the report, gold prices have decreased by nearly 7.9% since reaching their peak on 22 April, while Bitcoin has seen a surge of 17.8% in the past three weeks. This shift in capital flows is also evident in futures markets, where positions in gold have declined while those in Bitcoin have risen.

根據該報告，自4月22日達到頂峰以來，黃金價格上漲了近7.9％，而比特幣在過去三周中的增長幅度為17.8％。在期貨市場中，這種資本流量的這種轉變也很明顯，在該市場中，黃金的地位下降了，而比特幣的人則有所下降。

Moreover, there has been a significant shift in capital from gold exchange-traded funds (ETFs) to Bitcoin and crypto funds.

此外，資本從黃金交易所貿易資金（ETF）轉變為比特幣和加密基金。

Recently, a series of crypto-specific catalysts have been identified by JP Morgan as key drivers of Bitcoin’s recent price momentum. These include:

最近，JP Morgan已將一系列特定於加密的催化劑確定為比特幣最近的價格動力的關鍵動力。其中包括：

• The launch of several new Bitcoin exchange-traded products (ETPs) in Europe.

•在歐洲推出了幾種新的比特幣交換產品（ETP）。

• Growing institutional interest in cryptocurrencies, especially from large hedge funds.

•對加密貨幣的機構興趣不斷提高，尤其是來自大型對沖基金。

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