摩根大通说，比特币BTC/USD进入了带有黄金的零和阶段

去年随着货币折旧的对冲，比特币BTC/USD和黄金不再同步后，在货币折旧的折旧方面升级后，比特币BTC/USD和黄金不再同步。

Bitcoin BTC /USD and gold began 2024 in tandem, both rising as hedges against currency depreciation. However, that correlation has since broken down, and the two assets are now largely moving in a zero-sum fashion, according to JPMorgan.

比特币BTC /USD和黄金在2024年开始时，都随着对冲货币贬值而上升。但是，据摩根大通（JPMorgan）称，这种相关性已经崩溃了，这两个资产现在主要以零和方式移动。

What Happened: According to The Block, the two assets have entered a competitive dynamic in 2025, with gains in one increasingly coming at the other's expense.

发生的事情：根据该街区的说法，这两个资产在2025年进入了竞争动态，其中一个越来越多地取得了另一个资产。

JPMorgan analysts, led by managing director Nikolaos Panigirtzoglou, observed a reversal in capital flows in recent months. From mid-February to mid-April, gold outperformed while Bitcoin lagged.

由董事总经理Nikolaos Panigirtzoglou领导的摩根大通分析师近几个月来观察到资本流动的逆转。从2月中旬到4月中旬，比特币落后时，黄金表现优于球。

But since late April, the trend has flipped: Bitcoin has climbed 18% while gold has dropped nearly 8%. Investor flows and futures data support this divergence, with capital leaving gold ETFs and entering Bitcoin funds.

但是自4月下旬以来，这种趋势已经翻倒：比特币攀升了18％，而黄金下降了近8％。投资者流动和期货数据支持这一分歧，资本离开黄金ETF并进入比特币基金。

The bank's strategists expect this competitive dynamic between the two assets to persist through the remainder of the year, though they see more potential upside for Bitcoin.

该银行的战略家们期望这两个资产之间的这种竞争性动态能够在今年剩余时间内持续存在，尽管他们看到比特币的潜在上升空间。

“We are biased towards crypto-specific catalysts creating more upside for Bitcoin over gold into the second half of the year,” the note said.

票据说：“我们偏向于特定于加密货币的催化剂，在下半年为比特币增添了比特币的上涨空间。”

One major factor behind Bitcoin's rise is increased institutional and public sector adoption. Strategy MSTR and Metaplanet have continued accumulating Bitcoin aggressively.

比特币崛起的主要因素是机构和公共部门采用的增加。策略MSTR和Metaplanet继续积极积累比特币。

Strategy alone has already secured 60% of its $42 billion goal for Bitcoin purchases, aiming to complete it by 2027.

仅策略就已经确保了其420亿美元的比特币购买目标中的60％，旨在到2027年完成。

State Funds Now Flowing Into Bitcoin: A New Hampshire law now permits up to 5% of state assets to be held in Bitcoin and gold.

现在流入比特币的国家资金：新罕布什尔州法律现在允许多达5％的州资产以比特币和黄金持有。

Arizona is establishing a digital asset reserve funded by staking yields and token airdrops, and in return, will keep taxes at the same level.

亚利桑那州正在建立一个数字资产储备，该储备收益率和象征性的空投将使税收保持在同一水平。

These developments signal a growing acceptance of Bitcoin as a strategic reserve asset, and if more states follow suit, it could become a more significant factor.

这些事态发展表明，比特币越来越接受战略储备资产，如果越来越多的州效仿，它可能会成为更重要的因素。

At the same time, structural changes in the crypto derivatives market are boosting investor confidence. Coinbase's COIN acquisition of Deribit, Kraken's purchase of NinjaTrader, and Gemini's expansion into European derivatives licensing are seen as milestones that could usher in greater institutional engagement, especially as regulatory clarity improves.

同时，加密衍生品市场的结构变化正在增强投资者的信心。 Coinbase对Deribit的硬币收购，Kraken对Ninjatrader的购买以及Gemini扩展到欧洲衍生品许可的扩展被认为是可以更大的机构参与度的里程碑，尤其是随着法规清晰度的改善。

Overall, with gold facing pressure and Bitcoin benefiting from sector-specific growth, JPMorgan anticipates the second half of the year to favor the leading cryptocurrency.

总体而言，摩根大通（JPMorgan）预计，由于黄金面临压力和比特币受益于部门特定的增长，因此下半年会偏爱领先的加密货币。