比特币（BTC）将其与传统股票市场的传统关联落后

一项最新的花旗集团分析表明，比特币将其与传统股票市场的传统协会抛在落后。虚拟货币在最新的财务冲击事件中表现出了不典型的稳定性，使专家重新考虑将其纳入投资者投资组合。

Citigroup's latest analysis suggests that Bitcoin is gradually leaving behind the traditional associations it had with major stock markets. A glance at how the virtual currency displayed uncharacteristic stability in latest episodes of financial shock has experts mulling over including it into investor portfolios.

花旗集团的最新分析表明，比特币逐渐抛弃了与主要股票市场的传统协会。一眼目前，虚拟货币在最新的金融冲击事件中如何表现出异常的稳定性，这使专家们对投资者投资组合（包括它）进行了思考。

Bitcoin Outperformed S&P And EuroStoxx Indexes On A Volatility-Adjusted Basis

比特币以波动率调整的基础优于S＆P和Eurostoxx指数

Bitcoin has outperformed both the S&P and EuroStoxx indexes on a volatility-adjusted basis, according to Citigroup analysts. As the world watched closely to see how the cryptocurrency would respond to a series of economic events in 2024, it seems the digital asset has emerged largely unscathed.

根据花旗集团分析师的说法，比特币的表现优于S＆P和Eurostoxx索引。当世界密切关注的是，加密货币将如何应对2024年的一系列经济事件，似乎数字资产在很大程度上毫发无损。

Matthew Sigel, head of Digital Assets Research at VanEck, highlighted the report's conclusions regarding Bitcoin's consistent performance throughout major market events.

Vaneck数字资产研究负责人Matthew Sigel强调了该报告的结论，该结论涉及比特币在整个主要市场事件中的持续性能。

The digital currency has outperformed price expectations derived from macroeconomic variables by more than 10% since the beginning of March, indicating what could be a risk premium independent of normal market forces.

自3月初以来，数字货币的表现优于宏观经济变量的价格预期超过10％，这表明可能是独立于正常市场力量的风险溢价。

“Bitcoin’s performance during certain financial-stress periods – ie, SVB turmoil, Sept 23 US bond term-premium rise, and recent market volatility – warrants attention as a potential indicator of its maturing adoption and purpose as an asset class.” – Citi pic.twitter.com/8ixp44fg3T

“比特币在某些财务压力期间的表现 - IE，SVB动荡，9月23日美国债券期限上升以及最近的市场波动 - 值得关注，这是其成熟的采用和作为资产类别的目的的潜在指标。” - 花旗pic.twitter.com/8ixp44fg3t

— matthew sigel, recovering CFA (@matthew_sigel) April 25, 2025

- Matthew Sigel，恢复CFA（@matthew_sigel）2025年4月25日

As Silicon Valley Bank went bust in March 2023, Bitcoin prices remained above $21,000 and closed the month going above $28,000 during the time traditional investments went down. Later, in September 2023, when US bond term premiums were going up, Bitcoin opened at nearly $25,000 and closed at just above $26,000. These instances show how Bitcoin can remain stable when financial markets become turbulent.

随着硅谷银行在2023年3月的破产，比特币的价格保持在21,000美元以上，并在传统投资下降的时间内关闭了28,000美元以上。后来，在2023年9月，当美国债券定期保费上升时，比特币开盘价将近25,000美元，收于26,000美元以上。这些实例表明，当金融市场变得动荡时，比特币如何保持稳定。

Most recently, US President Donald Trump's tariff announcements have triggered market volatility that saw Bitcoin drop below $75,000. However, the digital currency rebounded quickly, going above $90,000 again and outperforming old-school stocks. Bitcoin is still the best-performing asset since the November US election despite recent market volatility.

最近，美国总统唐纳德·特朗普（Donald Trump）的关税公告引发了市场波动，使比特币下降到75,000美元以下。但是，数字货币迅速反弹，再次超过90,000美元，并且表现优于老式股票。尽管最近的市场波动，但比特币仍然是11月美国大选以来表现最好的资产。

Bitcoin ETF Money Flows Remain Strong Despite Market Jitters

尽管市场令人不快，但比特币ETF货币流仍然强大

As per the Citigroup report, funds entering Bitcoin ETFs have remained stable, while investors are pulling out of Ethereum ETFs. CryptoQuant explained that institutional players, not retail buyers, appear to be behind Bitcoin's increasing prices. The analysts cited ETF flows and interest in futures markets as key drivers of recent price action.

根据花旗集团的报告，进入比特币ETF的资金保持稳定，而投资者正在退出以太坊ETF。 CryptoQuant解释说，机构参与者而不是零售买家，似乎是比特币价格上涨的背后。分析师认为ETF流动和对期货市场的兴趣是最近价格行动的关键动力。

Both on-chain and off-chain indicators paint a mixed picture of Bitcoin's situation. Citigroup says the overall stablecoin value continues to rise solidly, even during turbulent times. Ethereum's main chain usage has increased, but activity is waning on Layer 2 leverage. The same goes for activity on the Bitcoin network: intermittent burst activity.

链上和链链指标都描绘了比特币情况的混合图片。花旗集团说，即使在动荡时期，总体稳定价值也继续稳定增长。以太坊的主链使用情况有所增加，但活动在第2层杠杆率上正在减弱。比特币网络上的活动也是如此：间歇性突发活动。

Some analysts believe these factors indicate that Bitcoin is forming its individual market behavior, partially influenced by a recovering gold market and a weakening US dollar. Investor dollars into the Bitcoin ETF have remained stable during downturns, leading some to speculate that institutional investors are developing a different view of the cryptocurrency than they have held historically.

一些分析人士认为，这些因素表明比特币正在形成其个人市场行为，部分受到恢复黄金市场和美元疲软的影响。投资者向比特币ETF的投资者在低迷期间保持稳定，导致一些人推测机构投资者对加密货币的看法与历史上的看法不同。