儘管唐納德·特朗普（Donald Trump）的破壞性關稅政策，比特幣在四月份都超過了黃金和標準普爾500指數

對於全球經濟來說，四月是一個高度破壞性的月份，影響了包括加密在內的多個市場。主要催化劑是唐納德·特朗普的積極關稅政策

April was a highly disruptive month for the global economy, affecting multiple markets — including crypto.

對於全球經濟來說，四月是一個高度破壞性的月份，影響了包括加密在內的多個市場。

One primary catalyst was Donald Trump’s aggressive tariff policy, which signaled a potential rewiring of global supply chains and trade dynamics.

一個主要的催化劑是唐納德·特朗普（Donald Trump）的積極關稅政策，這表明全球供應鍊和貿易動態的可能重新佈線。

While Trump had long voiced support for tariffs, the speed and boldness of his implementation surprised many.

儘管特朗普長期以來一直表達了對關稅的支持，但他實施的速度和大膽使許多人感到驚訝。

Eventually, he opted for a more gradual approach, easing some of the market panic.

最終，他選擇了一種更漸進的方法，減輕了一些市場的恐慌。

Trump’s policy shifts left a clear footprint on the price movements of major asset classes. Let’s walk through the key events and observe their impact on Bitcoin, the S&P 500, and gold.

特朗普的政策轉變給主要資產類別的價格變動留下了明顯的佔地面積。讓我們瀏覽關鍵事件，觀察它們對比特幣，標準普爾500指數和黃金的影響。

Timeline of Events and Market Reactions

事件和市場反應的時間表

April 2 At a White House Rose Garden event dubbed “Liberation Day,” Trump unveiled a “reciprocal tariff” policy. A blanket 10% tariff was imposed on all nations exporting to the U.S., with steeper rates for specific countries — including close allies.

4月2日，在白宮玫瑰園（Rose Garden）的一個稱為“解放日”的玫瑰花園活動中，特朗普推出了“相互關稅”政策。所有國家向美國出口的國家徵收了10％的毛毯關稅，特定國家（包括親密盟友）的利率較高。

Following this, both the S&P 500 and Bitcoin extended their March declines. Even gold, which had previously risen as a risk hedge during equity sell-offs, began to dip.

此後，標準普爾500指數和比特幣都擴大了他們的遊行下降。即使是在股權拋售期間作為風險對沖的黃金也開始下降。

April 4 China retaliated with a 34% tariff on U.S. imports and banned 11 American companies from operating domestically.

4月4日，中國對美國進口稅的關稅進行了34％的報復，並禁止11家美國公司在國內運營。

The tit-for-tat escalation deepened market anxiety, accelerating the sell-off across equities and crypto.

Tit-for-Tat升級加劇了市場焦慮，加快了股票和加密貨幣的拋售。

April 9 Trump’s tariffs took effect: 104% on Chinese goods, 20% on EU goods, 24% on Japanese, and 46% on Vietnamese imports. China responded with an 84% tariff on U.S. goods. The EU also threatened countermeasures.

4月9日，特朗普的關稅生效：中國商品的104％，歐盟商品的20％，日本商品的24％，越南進口商品的46％。中國對美國商品的關稅84％。歐盟還威脅要對策。

Markets plummeted globally, with some indices experiencing losses not seen in decades. Later that day, Trump announced a 90-day pause on most tariffs — except those on China, which were increased to 125%.

市場在全球範圍內暴跌，一些指數在數十年中未見損失。當天晚些時候，特朗普宣佈在大多數關稅上停頓了90天，除了中國的關稅，這增加到了125％。

This reversal sparked a relief rally across markets.

這種逆轉引發了整個市場的浮雕集會。

April 10 The White House clarified the full tariff rate on Chinese goods as 145%. The EU temporarily paused its retaliatory measures.

4月10日，白宮闡明了中國商品的全部關稅率為145％。歐盟暫時暫停了其報復措施。

Markets reacted negatively, with a slight pullback in the S&P 500 and Bitcoin, while gold resumed its upward trajectory.

市場反應負面反應，標準普爾500指數和比特幣的回調略有下降，而黃金恢復了其向上的軌跡。

April 11 Trump exempted several categories of electronics — including smartphones and semiconductors — from tariffs. This eased investor concerns and helped Bitcoin and the S&P 500 recover the previous day’s losses.

4月11日，特朗普免稅了幾類電子產品（包括智能手機和半導體）的關稅。這緩解了投資者的關注，並幫助比特幣和標準普爾500指數恢復了前一天的損失。

April 13 The White House announced that electronics exemptions were only temporary and hinted at new tariffs on computer chips. By now, markets showed signs of fatigue, appearing less reactive to sector-specific tariff news. Gold continued to climb as a hedge, while Bitcoin and equities diverged temporarily until April 21, when they synchronized again amid renewed S&P 500 growth. Bitcoin demonstrated a higher upside response.

4月13日，白宮宣布，電子豁免只是暫時的，並暗示了計算機芯片上的新關稅。到目前為止，市場顯示出疲勞的跡象，對特定部門的關稅新聞的反應較低。黃金繼續以樹籬為攀登，而比特幣和股票暫時差異直到4月21日，當時他們在重新增長了標準普爾500指數的增長後再次同步。比特幣顯示出更高的上行響應。

April 29 Trump signed executive orders adjusting auto industry tariffs to avoid overlap with existing duties on steel and aluminum.

4月29日，特朗普簽署了執行命令，以調整汽車行業關稅，以避免與鋼鐵和鋁的現有職責重疊。

Markets appeared to await more decisive signals. Cautious optimism emerged, hinging on whether the 90-day pause would lead to lasting de-escalation.

市場似乎正在等待更多的決定性信號。出現了謹慎的樂觀情緒，這取決於90天的停頓是否會導致持久的降級。

Conclusion

結論

The data show that Trump’s tariff policy left a clear footprint on the price patterns of the S&P 500, Bitcoin, and gold. Compared to the S&P 500, Bitcoin showed notably stronger momentum. Despite a sharp decline early in the month, Bitcoin outperformed both gold and the S&P 500 in April.

數據表明，特朗普的關稅政策對標準普爾500指數，比特幣和黃金的價格模式留下了明顯的佔地面積。與標準普爾500指數相比，比特幣表現出明顯更強的動力。儘管本月初下降了急劇下降，但比特幣在四月的表現均優於黃金和500指數。

The correlation between Bitcoin and the S&P 500 remains strong. In fact, the S&P 500 only slightly outpaced Bitcoin, indicating that BTC closely tracks the index’s movements.

比特幣與標準普爾500指數之間的相關性仍然很強。實際上，標準普爾500僅略微超過比特幣，表明BTC密切跟踪索引的動作。

The takeaway is clear and optimistic: Bitcoin mirrors the S&P 500’s behavior but with higher alpha.

要點清晰且樂觀：比特幣反映了標準普爾500的行為，但具有更高的alpha。

Bitcoin

比特幣

Bitcoin showed significant price growth in April and demonstrated a strong ability to rebound quickly. So far, April has been the best-performing month for Bitcoin in 2025 in terms of price increase — partly due to a low base effect and a recovery from the February dip.

比特幣在4月份顯示出明顯的價格增長，並且表現出強大的反彈能力。到目前為止，就價格上漲而言，4月是比特幣表現最佳的一個月 - 部分是由於2月份下降的基本效應和恢復。

Additional indirect indicators also point to rising demand for Bitcoin. Currently, the amount of Bitcoin held on centralized exchanges (CEXs) has dropped to its lowest level in five years. Historically, such declines have often preceded price increases, as illustrated in the chart.

其他間接指標還表明對比特幣的需求不斷上升。目前，集中式交易所（CEXS）持有的比特幣數量已降至五年來的最低水平。從歷史上看，如圖所示，這種下降經常在價格上漲之前提高。

Since the launch of spot Bitcoin ETFs, we’ve seen a gradual increase in the number of Bitcoins held by these funds. Notably, demand for Bitcoin ETFs tends to rise ahead of major events — such as the halving and the U.S. presidential elections. Outside of those periods, the number of Bitcoins held in ETFs has remained relatively stable.

自從發布比特幣ETF以來，我們已經看到這些資金持有的比特幣數量逐漸增加。值得注意的是，對比特幣ETF的需求往往會在重大事件（例如減半和美國總統大選）之前上升。在這些時期之外，ETF中持有的比特幣數量保持相對穩定。

Several conclusions can be drawn from this:

可以從中得出幾個結論：

The number of Bitcoin in ETFs is steadily growing. So far

ETF中比特幣的數量正在穩步增長。迄今為止