比特币（BTC）相对于标准普尔500指数（BTC/SPX），比特币（BTC）拒绝了其历史最高的

比特币（BTC）相对于标准普尔500指数（BTC/SPX），其历史最高率从其历史最高的高度拒绝了。这种拒绝并不完全出乎意料

Bitcoin (BTC) has seen a significant rejection from its all-time high relative to the S&P 500 (BTC/SPX). This rejection wasn’t entirely unexpected as analysts had previously highlighted trade uncertainties, which would lead to volatility.

比特币（BTC）相对于标准普尔500指数（BTC/SPX），其历史最高的抑制作用很大。这种拒绝并不是完全出乎意料的，因为分析师以前强调了贸易不确定性，这将导致波动。

With this retreat, the BTC/SPX has fallen by about 5%. This change is an indication of the general market responses to global economic phenomena. Among the motivations for this rejection, there is the moderation of trade strains.

随着此撤退，BTC/SPX下降了约5％。这一变化表明了一般市场对全球经济现象的反应。在这种拒绝的动机中，有贸易菌株的适度。

As a result of the US-China trade deal, there has been a reduction of tariff uncertainties. Consequently, stocks have been the main ones to benefit from the bettering of the trade relations. In its turn, Bitcoin experienced pressure with respect to selling, and as a result, its ratio to the S&P 500 went down.

由于美国 - 中国贸易协定，关税不确定性减少了。因此，股票一直是从贸易关系的改善中受益的主要股票。反过来，比特币在销售方面遇到了压力，因此，其与标准普尔500指数的比率下降了。

Bitcoin as Safe-Haven Asset

比特币作为避风付款资产

In spite of that failed attempt, Bitcoin demonstrates its twofold character. During times of uncertainty, it operates as both a risk asset and a safe-haven asset. In a likely case of trade uncertainty and financial instability, Bitcoin is also found to be attractive to investment.

尽管尝试失败了，但比特币表现出双重特征。在不确定性时期，它既是风险资产又是避风港资产。在贸易不确定性和金融不稳定的可能情况下，还发现比特币对投资有吸引力。

One perfect example of this was in March 2023, when people resorted to BTC because of the issues in banking. This behavior shows how Bitcoin acts as a hedge during the turbulent times.

一个完美的例子是在2023年3月，当时人们由于银行业的问题而诉诸BTC。这种行为表明了比特币在动荡时期的行为。

As Bitcoin grows more mature, its market behavior will tend to change. This change will be brought about by its growing market cap and institutional interests. As time goes by, BTC will tend to act more like it was meant to act. Investors are expecting it to be more stable and aligned to its goal of being a store of value.

随着比特币越来越成熟，其市场行为将趋于变化。这种变化将由其不断增长的市值和机构利益带来。随着时间的流逝，BTC的行为往往更像是要采取行动。投资者期望它会更加稳定，并与其成为价值存储的目标保持一致。

Seasonal Trends in Trading

交易的季节性趋势

Daan, quoted the seasonal trading stated: “Sell in May and go away” People tend to forget that there is always a slower time for selling shares. He, however, noted that May is normally a good month for markets. The average market return in the month of May has in the past been over 8%. On the other side, June is traditionally one of the months when stocks perform the worst, together with September.

丹恩（Daan）引用季节性交易的话说：“五月出售”人们往往会忘记销售股票的时间较慢。但是，他指出，对于市场来说，梅通常是一个好月份。过去5月的平均市场回报率超过8％。另一方面，六月是股票与9月一起表现最差的几个月之一。

Although seasonality should not control the decision-making on investment, it always affects the behavior of the investors.

尽管季节性不应控制投资的决策，但它总是影响投资者的行为。