尽管唐纳德·特朗普（Donald Trump）的破坏性关税政策，比特币在四月份都超过了黄金和标准普尔500指数

对于全球经济来说，四月是一个高度破坏性的月份，影响了包括加密在内的多个市场。主要催化剂是唐纳德·特朗普的积极关税政策

April was a highly disruptive month for the global economy, affecting multiple markets — including crypto.

对于全球经济来说，四月是一个高度破坏性的月份，影响了包括加密在内的多个市场。

One primary catalyst was Donald Trump’s aggressive tariff policy, which signaled a potential rewiring of global supply chains and trade dynamics.

一个主要的催化剂是唐纳德·特朗普（Donald Trump）的积极关税政策，这表明全球供应链和贸易动态的可能重新布线。

While Trump had long voiced support for tariffs, the speed and boldness of his implementation surprised many.

尽管特朗普长期以来一直表达了对关税的支持，但他实施的速度和大胆使许多人感到惊讶。

Eventually, he opted for a more gradual approach, easing some of the market panic.

最终，他选择了一种更渐进的方法，减轻了一些市场的恐慌。

Trump’s policy shifts left a clear footprint on the price movements of major asset classes. Let’s walk through the key events and observe their impact on Bitcoin, the S&P 500, and gold.

特朗普的政策转变给主要资产类别的价格变动留下了明显的占地面积。让我们浏览关键事件，观察它们对比特币，标准普尔500指数和黄金的影响。

Timeline of Events and Market Reactions

事件和市场反应的时间表

April 2 At a White House Rose Garden event dubbed “Liberation Day,” Trump unveiled a “reciprocal tariff” policy. A blanket 10% tariff was imposed on all nations exporting to the U.S., with steeper rates for specific countries — including close allies.

4月2日，在白宫玫瑰园（Rose Garden）的一个称为“解放日”的玫瑰花园活动中，特朗普推出了“相互关税”政策。所有国家向美国出口的国家征收了10％的毛毯关税，特定国家（包括亲密盟友）的利率较高。

Following this, both the S&P 500 and Bitcoin extended their March declines. Even gold, which had previously risen as a risk hedge during equity sell-offs, began to dip.

此后，标准普尔500指数和比特币都扩大了他们的游行下降。即使是在股权抛售期间作为风险对冲的黄金也开始下降。

April 4 China retaliated with a 34% tariff on U.S. imports and banned 11 American companies from operating domestically.

4月4日，中国对美国进口税的关税进行了34％的报复，并禁止11家美国公司在国内运营。

The tit-for-tat escalation deepened market anxiety, accelerating the sell-off across equities and crypto.

Tit-for-Tat升级加剧了市场焦虑，加快了股票和加密货币的抛售。

April 9 Trump’s tariffs took effect: 104% on Chinese goods, 20% on EU goods, 24% on Japanese, and 46% on Vietnamese imports. China responded with an 84% tariff on U.S. goods. The EU also threatened countermeasures.

4月9日，特朗普的关税生效：中国商品的104％，欧盟商品的20％，日本商品的24％，越南进口商品的46％。中国对美国商品的关税84％。欧盟还威胁要对策。

Markets plummeted globally, with some indices experiencing losses not seen in decades. Later that day, Trump announced a 90-day pause on most tariffs — except those on China, which were increased to 125%.

市场在全球范围内暴跌，一些指数在数十年中未见损失。当天晚些时候，特朗普宣布在大多数关税上停顿了90天，除了中国的关税，这增加到了125％。

This reversal sparked a relief rally across markets.

这种逆转引发了整个市场的浮雕集会。

April 10 The White House clarified the full tariff rate on Chinese goods as 145%. The EU temporarily paused its retaliatory measures.

4月10日，白宫阐明了中国商品的全部关税率为145％。欧盟暂时暂停了其报复措施。

Markets reacted negatively, with a slight pullback in the S&P 500 and Bitcoin, while gold resumed its upward trajectory.

市场反应负面反应，标准普尔500指数和比特币的回调略有下降，而黄金恢复了其向上的轨迹。

April 11 Trump exempted several categories of electronics — including smartphones and semiconductors — from tariffs. This eased investor concerns and helped Bitcoin and the S&P 500 recover the previous day’s losses.

4月11日，特朗普免税了几类电子产品（包括智能手机和半导体）的关税。这缓解了投资者的关注，并帮助比特币和标准普尔500指数恢复了前一天的损失。

April 13 The White House announced that electronics exemptions were only temporary and hinted at new tariffs on computer chips. By now, markets showed signs of fatigue, appearing less reactive to sector-specific tariff news. Gold continued to climb as a hedge, while Bitcoin and equities diverged temporarily until April 21, when they synchronized again amid renewed S&P 500 growth. Bitcoin demonstrated a higher upside response.

4月13日，白宫宣布，电子豁免只是暂时的，并暗示了计算机芯片上的新关税。到目前为止，市场显示出疲劳的迹象，对特定部门的关税新闻的反应较低。黄金继续以树篱为攀登，而比特币和股票暂时差异直到4月21日，当时他们在重新增长了标准普尔500指数的增长后再次同步。比特币显示出更高的上行响应。

April 29 Trump signed executive orders adjusting auto industry tariffs to avoid overlap with existing duties on steel and aluminum.

4月29日，特朗普签署了执行命令，以调整汽车行业关税，以避免与钢铁和铝的现有职责重叠。

Markets appeared to await more decisive signals. Cautious optimism emerged, hinging on whether the 90-day pause would lead to lasting de-escalation.

市场似乎正在等待更多的决定性信号。出现了谨慎的乐观情绪，这取决于90天的停顿是否会导致持久的降级。

Conclusion

结论

The data show that Trump’s tariff policy left a clear footprint on the price patterns of the S&P 500, Bitcoin, and gold. Compared to the S&P 500, Bitcoin showed notably stronger momentum. Despite a sharp decline early in the month, Bitcoin outperformed both gold and the S&P 500 in April.

数据表明，特朗普的关税政策对标准普尔500指数，比特币和黄金的价格模式留下了明显的占地面积。与标准普尔500指数相比，比特币表现出明显更强的动力。尽管本月初下降了急剧下降，但比特币在四月的表现均优于黄金和500指数。

The correlation between Bitcoin and the S&P 500 remains strong. In fact, the S&P 500 only slightly outpaced Bitcoin, indicating that BTC closely tracks the index’s movements.

比特币与标准普尔500指数之间的相关性仍然很强。实际上，标准普尔500仅略微超过比特币，表明BTC密切跟踪索引的动作。

The takeaway is clear and optimistic: Bitcoin mirrors the S&P 500’s behavior but with higher alpha.

要点清晰且乐观：比特币反映了标准普尔500的行为，但具有更高的alpha。

Bitcoin

比特币

Bitcoin showed significant price growth in April and demonstrated a strong ability to rebound quickly. So far, April has been the best-performing month for Bitcoin in 2025 in terms of price increase — partly due to a low base effect and a recovery from the February dip.

比特币在4月份显示出明显的价格增长，并且表现出强大的反弹能力。到目前为止，就价格上涨而言，4月是比特币表现最佳的一个月 - 部分是由于2月份下降的基本效应和恢复。

Additional indirect indicators also point to rising demand for Bitcoin. Currently, the amount of Bitcoin held on centralized exchanges (CEXs) has dropped to its lowest level in five years. Historically, such declines have often preceded price increases, as illustrated in the chart.

其他间接指标还表明对比特币的需求不断上升。目前，集中式交易所（CEXS）持有的比特币数量已降至五年来的最低水平。从历史上看，如图所示，这种下降经常在价格上涨之前提高。

Since the launch of spot Bitcoin ETFs, we’ve seen a gradual increase in the number of Bitcoins held by these funds. Notably, demand for Bitcoin ETFs tends to rise ahead of major events — such as the halving and the U.S. presidential elections. Outside of those periods, the number of Bitcoins held in ETFs has remained relatively stable.

自从发布比特币ETF以来，我们已经看到这些资金持有的比特币数量逐渐增加。值得注意的是，对比特币ETF的需求往往会在重大事件（例如减半和美国总统大选）之前上升。在这些时期之外，ETF中持有的比特币数量保持相对稳定。

Several conclusions can be drawn from this:

可以从中得出几个结论：

The number of Bitcoin in ETFs is steadily growing. So far

ETF中比特币的数量正在稳步增长。迄今为止