比特币违反了4月的期望，比主要传统资产的波动率较低，同时发挥了两位数的增长。

根据Galaxy Digital的分析师的说法，比特币（BTC）在过去的10次交易中实现了波动率，降至43.86

Bitcoin (BTC) defied expectations in April by delivering double-digit gains while also posting lower volatility than major traditional assets, new analysis shows.

新分析显示，比特币（BTC）通过提供两位数的增长，同时发布的波动性低于主要传统资产，而违反了期望。

According to analysts at Galaxy Digital, Bitcoin’s realized volatility over the past 10 trading sessions dropped to 43.86, placing it below the S&P 500’s 47.29 and the Nasdaq 100’s 51.26 — an unusual “positioning for a digital asset traditionally known for its outsized volatility.”

根据Galaxy Digital的分析师的说法，比特币在过去的10个交易中的实现波动率下降到43.86，将其置于标准普尔500指数的47.29和NASDAQ 100的51.26以下，这是一种不寻常的“定位”，以其传统上的数字资产定位，以其超大型挥发性而闻名。”

The data point comes in the backdrop of renewed financial turbulence since US President Donald Trump’s Liberation Day tariff announcement on April 2.

自4月2日美国总统唐纳德·特朗普（Donald Trump）的解放日关税公告以来，数据点是新的金融动荡的背景。

Nasdaq Composite is flat, Bloomberg Dollar Index dropped nearly 4%, and even gold (typically a safe haven) briefly hit $3,500 per ounce before pulling back to a 5.75% gain, Galaxy Digital analysts said in a May 12 note.

Galaxy Digital Analyst在5月12日的注释中说，纳斯达克复合材料是扁平的，彭博美元指数下降了近4％，甚至黄金（通常是避风港）短暂地达到了每盎司3,500美元，然后又恢复了5.75％的收益。

However, they noted that Bitcoin surged 11% in the same period, reinforcing its evolving role as a macro hedge amid geopolitical and fiscal uncertainty.

但是，他们指出，同一时期比特币飙升了11％，在地缘政治和财政不确定性中加强了其作为宏观对冲的作用。

Bitcoin's correlation with major indexes declines

比特币与主要索引的相关性下降

The analysts noted that Bitcoin still maintains elevated 30-day correlations with major indexes, around 0.62 with the S&P and 0.64 with the Nasdaq. But its beta has declined, signaling that investors may be treating it less as a high-risk asset and more as a long-term allocation.

分析师指出，比特币仍然与主要指数保持30天的相关性，标准普尔与标准普尔（S＆P）约为0.62，纳斯达克股（NASDAQ）保持0.64。但是它的beta下降了，表明投资者可能将其视为高风险资产，而将其视为长期分配。

“Bitcoin as a non-sovereign asset means an investor doesn’t need the full faith or tax basis of a nation to support the integrity of the asset,” said Chris Rhine, head of liquid active strategies at Galaxy.

“比特币作为非主管资产意味着投资者不需要国家的全部信仰或税收基础来支持资产的完整性，” Galaxy液体活动策略负责人克里斯·莱恩（Chris Rhine）说。

Galaxy said that the recent investor behavior mirrors what was observed during the 2018–2019 US-China trade tensions when Bitcoin rallied amid rising global uncertainty.

Galaxy表示，最近的投资者行为反映了2018 - 2019年美国 - 中国贸易紧张局势期间比特币在全球不确定性上升时集会的情况。

Hank Huang, CEO of Kronos Research, told Cointelegraph that surging ETF inflows and Strategy’s ongoing Bitcoin purchases are helping reshape Bitcoin into a digital version of gold, less tied to equities.

Kronos Research的首席执行官Hank Huang告诉Cointelegraph，ETF流入和策略正在进行的比特币购买正在帮助将比特币重塑为数字版本的黄金，而与股票息息相关。

“As institutions deepen liquidity, volatility drops, making Bitcoin a cornerstone for portfolios,” Huang added.

Huang补充说：“随着机构加深流动性，波动率下降，使比特币成为投资组合的基石。”

Institutions view Bitcoin as hedge

机构将比特币视为树篱

Meanwhile, Galaxy’s OTC trading desk said the market posture is “tactically cautious but structurally constructive,” marked by disciplined leverage and low hedging stress.

同时，Galaxy的OTC贸易台表示，市场姿势“战术上是谨慎但在结构上具有建设性的”，标志着纪律严明的杠杆作用和低对冲压力。

With 95% of Bitcoin’s total supply already mined and growing interest from institutions, ETFs and even governments, Bitcoin is increasingly being viewed as a digital store of value.

比特币总供应量的95％已经被挖掘出来，并且来自机构，ETF甚至政府的利息日益增加，比特币越来越被视为价值的数字存储。

“Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value,” said Ian Kolman, co-portfolio manager at Galaxy.

Galaxy的联合投资组合经理Ian Kolman说：“比特币的供求动力正在巩固其作为价值成熟的数字商店的位置。”

On April 25, Jay Jacobs, BlackRock’s head of thematics and active ETFs, said there has been a long-term trend in which countries have been reducing their reliance on dollar-based reserves in favor of assets like gold and, increasingly, Bitcoin.

4月25日，贝莱德（BlackRock）主题和活跃ETF的负责人杰伊·雅各布斯（Jay Jacobs）表示，长期趋势是，各国一直在减少对美元基于美元的储备，而依靠黄金和越来越多的比特币等资产。

He noted that geopolitical fragmentation is fueling demand for uncorrelated assets, with Bitcoin increasingly viewed alongside gold as a safe-haven asset.

他指出，地缘政治破碎促进了对不相关资产的需求，比特币越来越多地将黄金视为安全资产。