比特币显示出更便宜的数据信号，分析师关注黄金轮动

最近的数据表明，比特币的价格比 2017 年更具吸引力，分析师观察到黄金的潜在转变以及长期持有者积累的增加。

New York, NY - January 31, 2026 - In a market landscape buzzing with activity, Bitcoin is currently presenting data points that suggest a more compelling valuation than seen back in 2017. This comes as analysts are increasingly scrutinizing the cryptocurrency's relationship with gold, noting signs of significant relative weakness that echo patterns observed at previous long-term market bottoms.

纽约州纽约 - 2026 年 1 月 31 日 - 在活跃的市场格局中，比特币目前提供的数据点显示，其估值比 2017 年更具说服力。分析师越来越多地审视加密货币与黄金的关系，注意到明显相对疲软的迹象，这与之前长期市场底部观察到的模式相呼应。

Bitcoin's Value Proposition Against Gold

比特币相对于黄金的价值主张

Data emerging from Bitwise Europe indicates that the ratio of Bitcoin to gold has dipped to its lowest recorded level in January, even after adjusting for global money supply fluctuations. This metric, when adjusted for market conditions, has entered an extreme zone, historically associated with periods when Bitcoin was considered deeply undervalued. Similar readings were last observed in 2015, preceding a substantial multi-year recovery for Bitcoin. Michaël van de Poppe, a prominent analyst, commented, "Today represents a better opportunity to be buying Bitcoin than 2017," following the release of this data.

Bitwise Europe 的数据表明，即使在对全球货币供应波动进行调整后，比特币与黄金的比率已降至 1 月份的最低记录水平。根据市场条件进行调整后，该指标已进入极端区域，历史上与比特币被认为被严重低估的时期相关。上次观察到类似读数是在 2015 年，当时比特币经历了多年的大幅复苏。该数据发布后，著名分析师 Michaël van de Poppe 评论道：“今天是比 2017 年更好的购买比特币的机会”。

Potential Rotation from Gold to Bitcoin?

从黄金到比特币的潜在轮换？

The divergence in performance between gold, which has seen its price double over the past year, and Bitcoin's decline during the same period, has prompted discussions about a potential capital rotation from gold into Bitcoin. While some traders are considering this shift, analysts emphasize that such rotations are contingent on market conditions and precise timing. André Dragosch of Bitwise Europe highlighted that Bitcoin often garners significant attention following periods of relative weakness. Pav Hundal of Swyftx suggested that this rotation might commence in February or March, though he cautioned that these movements do not adhere to strict schedules. Conversely, some analysts, like Benjamin Cowen, advise caution, suggesting that Bitcoin might continue to underperform broader markets and that a rapid shift from gold to Bitcoin may not be imminent.

黄金价格在过去一年翻了一番，而比特币同期则下跌，两者之间的表现差异引发了关于资本可能从黄金转向比特币的讨论。虽然一些交易员正在考虑这种转变，但分析师强调，这种轮换取决于市场状况和精确的时机。 Bitwise Europe 的 André Dragosch 强调，比特币在相对疲软的时期后往往会引起极大关注。 Swyftx 的 Pav Hundal 表示，这种轮换可能会在 2 月或 3 月开始，但他警告说，这些移动并不遵守严格的时间表。相反，本杰明·考恩（Benjamin Cowen）等一些分析师建议谨慎行事，认为比特币可能继续跑输大盘，而且从黄金到比特币的快速转变可能不会很快到来。

Long-Term Holders Accumulating

长期持有者不断积累

On-chain data provides further insights, revealing that long-term Bitcoin holders have been increasing their supply during January's price dip. These holders, typically defined as those holding Bitcoin for over 155 days, often signal reduced selling pressure through their behavior. CheckOnChain data indicates a recovery in long-term holder supply, coupled with a decline in the Long-Term Holder Spent Binary indicator, suggesting fewer coins are being moved to exchanges. This pattern is consistent with previous market cycles where accumulation by long-term holders preceded price recoveries. Market watchers are observing these trends closely, as price reactions historically follow shifts in market behavior, supporting the notion that Bitcoin appears cheaper today than in 2017 based on available data.

链上数据提供了进一步的见解，表明长期比特币持有者在 1 月份价格下跌期间一直在增加供应。这些持有者通常被定义为持有比特币超过 155 天的人，通常通过他们的行为表明抛售压力有所减轻。 CheckOnChain 数据表明，长期持有者供应量有所恢复，加上长期持有者支出二元指标的下降，表明转移到交易所的代币数量减少。这种模式与之前的市场周期一致，即长期持有者在价格回升之前进行积累。市场观察人士正在密切观察这些趋势，因为从历史上看，价格反应会跟随市场行为的变化，这支持了这样的观点：根据现有数据，比特币今天似乎比 2017 年更便宜。

Market Stress and Compression Dynamics

市场压力和压缩动态

Meanwhile, other analyses point to a different narrative, where Bitcoin price recently dipped below a critical volatility band near $83,000 in late January 2026. On-chain data reveals a rapid spread of losses across holders, placing Bitcoin in a zone historically linked to heightened stress and late-stage corrections. The breakdown below the Gaussian Channel on the weekly chart suggests weakening momentum rather than an immediate capitulation, though broader market conditions remain fragile. Sentiment indicators show increased defensiveness, with growing expectations of deeper retracements. However, on-chain data, specifically the ratio of UTXOs in loss versus profit, has fallen to levels typical of late correction phases, indicating that selling pressure may diminish as fewer participants remain in profit. This environment suggests that Bitcoin's price action is increasingly shaped by compression, where fear is amplified, but the incentive to sell aggressively is reduced.

与此同时，其他分析则指出了不同的说法，即比特币价格最近在 2026 年 1 月下旬跌破了接近 83,000 美元的关键波动带。链上数据显示，持有者之间的损失迅速蔓延，使比特币处于历史上与压力加剧和后期调整相关的区域。周线图上跌破高斯通道表明动能正在减弱，而不是立即投降，尽管更广泛的市场状况仍然脆弱。情绪指标显示防御性增强，对更深回调的预期越来越高。然而，链上数据，特别是 UTXO 损失与利润的比率，已降至后期调整阶段的典型水平，表明随着盈利参与者减少，抛售压力可能会减弱。这种环境表明，比特币的价格走势越来越受到压缩的影响，恐惧情绪被放大，但积极抛售的动机却减少了。

It's an interesting time in the crypto world, where data is painting a picture of potential opportunity amidst market choppiness. Keep an eye on those charts, folks!

这是加密货币世界的一个有趣的时刻，数据正在描绘市场动荡中潜在机会的图景。伙计们，请留意这些图表！