比特币（BTC）在四月份显示了与股票独立的闪光，续签希望它正在发展为真正的宏观树篱

比特币在四月份显示出远离股票的独立闪烁，续签希望它正在发展成为真正的宏观树篱。但是，Vaneck的最新数据讲述了一个不同的故事。

In April, Bitcoin (BTC) showed flashes of independence from equities, renewing hopes that it’s evolving into a true macro hedge. However, recent data from VanEck tells a different story.

4月，比特币（BTC）展示了远离股票的独立闪烁，续签希望它正在发展为真正的宏观对冲。但是，Vaneck的最新数据讲述了一个不同的故事。

In a monthly recap published on Monday, analysts at VanEck say that the flagship crypto asset is still closely linked with traditional markets, quickly resyncing with major indices after a brief divergence.

Vaneck的分析师在周一发布的每月回顾中说，旗舰加密资产仍然与传统市场密切相关，在短暂发散后迅速与主要指标重新同步。

Bitcoin briefly showed signs of decoupling from US equities during the week ending April 6, when former President Trump announced new tariff measures that rattled global markets. While equities and gold declined, Bitcoin rose from $81,500 to over $84,500 by week’s end, hinting at a potential shift toward independent price action.

比特币在截至4月6日的一周内短暂显示了与美国股票脱钩的迹象，当时特朗普前总统宣布了对全球市场震撼的新关税措施。尽管股票和黄金下降，但比特币从81,500美元上涨至超过84,500美元，这暗示了向独立价格行动的潜在转变。

This divergence fueled hopes that Bitcoin might break away from traditional risk asset behavior and push toward new highs. However, the momentum did not last long, and the asset soon resumed trading in line with equity markets.

这种差异助长了比特币可能会脱离传统风险资产行为，并推向新的高点。但是，势头并没有持续很长时间，资产很快就与股票市场保持一致的交易。

Offering more context in this area—and drawing on data from VanEck Research and Artemis XYZ—VanEck says that Bitcoin has not meaningfully decoupled from the stock market.

Vaneck说，在这一领域提供更多背景以及利用Vaneck Research和Artemis XYZ的数据，他说比特币并未有意义地与股票市场脱钩。

Although the 30-day moving average correlation between BTC and the S&P 500 briefly dipped below 0.25 in early April, it quickly rebounded to around 0.55 by the end of the month.

尽管4月初，BTC和标准普尔500标准标准比500之间的30天移动平均相关性在0.25以下，但到本月底，它很快反弹至0.55。

Still, Bitcoin outperformed the major stock indices during the month. It gained 13%, while the Nasdaq Composite fell 1% and the S&P 500 posted only a slight increase.

尽管如此，比特币在这个月中的表现优于主要库存指数。它上涨了13％，而纳斯达克综合材料下跌了1％，标准普尔500率仅略有增加。

Perhaps most notably, Bitcoin’s volatility declined by 4% in April, even as volatility in equity markets doubled amid rising geopolitical and trade tensions.

也许最值得注意的是，4月份比特币的波动率下降了4％，尽管股票市场的波动率在地缘政治和贸易紧张局势上升而增加了一倍。

Structural tailwinds are building

结构性的尾风正在建造

According to VanEck, despite the fact that Bitcoin still behaves like a risk asset in the short term, structural tailwinds, including aggressive corporate BTC accumulation, may be setting the stage for long-term divergence.

Vaneck认为，尽管比特币在短期内仍然表现得像风险资产，但结构性的后风（包括积极的企业BTC积累）可能为长期发散奠定了基础。

As individuals, corporations, and central banks increasingly view Bitcoin as a sovereign, uncorrelated store-of-value, its long-term behavior could break free from that of traditional risk assets.

由于个人，公司和中央银行越来越多地将比特币视为主权，不相关的商店，其长期行为可能会摆脱传统风险资产的影响。

Russia and Venezuela, which have already begun embracing Bitcoin’s utility in international trade, are early examples of this transformation, analysts suggest.

分析人士建议，俄罗斯和委内瑞拉已经开始接受比特币在国际贸易领域的效用，这是这种转型的早期例子。

At the corporate level, Bitcoin accumulation was active in April. To recap, Strategy added 25,400 BTC to its holdings, while Metaplanet and Semler Scientific also made significant purchases.

在公司一级，比特币积累在4月活跃。回顾一下，策略在其持股中增加了25,400 BTC，而Metaplanet和Semler Scientific也进行了大量购买。

A key highlight of the month was the launch of a new venture, XXI (Twenty One), formed by Softbank, Tether, and Cantor Fitzgerald, with the goal of acquiring over $3 billion worth of Bitcoin.

本月的一个关键亮点是由软银，系带和康托尔·菲茨杰拉德（Cantor Fitzgerald）组成的新型XXI（二十一家）的成立，目的是收购价值超过30亿美元的比特币。

This signals Bitcoin’s growing role on corporate balance sheets, as institutional exposure shifts from speculative bets to long-term strategic positioning.

这表明比特币在公司资产负债表上的作用不断增长，因为机构风险从投机赌注转变为长期战略定位。

Crypto stumbles as Bitcoin holds steady

当比特币保持稳定时，加密货币偶然

Bitcoin dodged the tariff fallout, but altcoins were not as lucky.

比特币躲过了关税的影响，但Altcoins并不那么幸运。

Layer 1 networks led the decline, with Ethereum, Solana, and Sui all posting heavy drawdowns from their January highs, falling between 66% and 68%, according to VanEck. The MarketVector Smart Contract Leaders Index (MVSCLE) dropped 5% in April and is now down 34% year-to-date.

Vaneck的数据显示，第1层网络的领导下降，以太坊，Solana和Sui的一月份高潮都大量下降，下降了66％至68％。 MarketVector Smart合同领导指数（MVSCLE）在4月下降了5％，现在逐年下跌34％。

The slump followed a global equity selloff triggered by new trade tariffs, compounded by unlock fatigue and heavy losses in speculative sectors like DeFi AI, DeSci, and AI Agents. Meme coin trading volume also collapsed by 93% between January and March.

低迷之后是由新的贸易关税引发的全球股权抛售，这是由于诸如Defi AI，Desci和AI代理商等投机部门的疲劳和巨大损失而加剧了。在1月至3月期间，Meme硬币交易量也崩溃了93％。

However, some chains managed to buck the trend, including Sui, Solana, and Stacks.

但是，有些连锁店设法阻止了SUI，Solana和Stacks在内的趋势。