根据JP Morgan的说法，比特币流出越来越多地选择比特币而不是黄金。

据JP Morgan的分析师称，随着全球市场的变化，投资者越来越多地选择比特币而不是黄金，这表明了对数字资产的偏爱。

As global macroeconomic trends unfold, investors are increasingly turning to Bitcoin over gold, highlighting a strong preference for digital assets, analysts at JP Morgan have observed.

随着全球宏观经济趋势的发展，投资者越来越多地转向比特币，强调了对数字资产的强烈偏爱，JP Morgan的分析师观察到。

Earlier this year, a “debasement trade” was in play, with both Bitcoin and gold being used by investors to hedge against weakening fiat currencies in response to inflation and other factors. However, a recent report by JP Morgan, titled ‘Flows & Liquidity: BTC Is Outperforming Gold In Terms Of Investor Flows’, shows that this dynamic has now flipped.

今年早些时候，“贬低贸易”正在发挥作用，投资者都使用了比特币和黄金，以对冲弱化的法定货币，以应对通货膨胀和其他因素。但是，JP Morgan的最新报告标题为“流动和流动性：BTC在投资者流动方面都优于黄金”，表明这种动态现已翻倒。

According to Nikolas Panigirtzoglou, Managing Director at JP Morgan, “From mid-February to mid-April this year, the rise in gold prices affected Bitcoin, but in the past three weeks, Bitcoin has been pushing out gold and rising.”

JP Morgan董事总经理Nikolas Panigirtzoglou表示：“从今年中旬到4月中旬，黄金价格上涨影响了比特币，但在过去的三周中，比特币一直在推出黄金和上升。”

According to the report, gold prices have decreased by nearly 7.9% since reaching their peak on 22 April, while Bitcoin has seen a surge of 17.8% in the past three weeks. This shift in capital flows is also evident in futures markets, where positions in gold have declined while those in Bitcoin have risen.

根据该报告，自4月22日达到顶峰以来，黄金价格上涨了近7.9％，而比特币在过去三周中的增长幅度为17.8％。在期货市场中，这种资本流量的这种转变也很明显，在该市场中，黄金的地位下降了，而比特币的人则有所下降。

Moreover, there has been a significant shift in capital from gold exchange-traded funds (ETFs) to Bitcoin and crypto funds.

此外，资本从黄金交易所贸易资金（ETF）转变为比特币和加密基金。

Recently, a series of crypto-specific catalysts have been identified by JP Morgan as key drivers of Bitcoin’s recent price momentum. These include:

最近，JP Morgan已将一系列特定于加密的催化剂确定为比特币最近的价格动力的关键动力。其中包括：

• The launch of several new Bitcoin exchange-traded products (ETPs) in Europe.

•在欧洲推出了几种新的比特币交换产品（ETP）。

• Growing institutional interest in cryptocurrencies, especially from large hedge funds.

•对加密货币的机构兴趣不断提高，尤其是来自大型对冲基金。

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