<ul>
<li><em>比特币脱离美国股票，跟随黄金的 ‘避险’ 反弹</em></li>
<li><em>特朗普与美联储的争执可能部分导致投资者逃离美元资产</em></li>
</ul>
<p>比特币 [BTC] 上周脱离美国股票，并在本周早些时候保持这一趋势。事实上，在过去五个交易日中，这种加密货币上涨了 5%。在周二的早盘交易中，它一度触及 90,000 美元。</p>
<p>在同一时期，标准普尔 500 指数（SPY）下跌了 5%，而以科技股为主的纳斯达克指数下滑了 6%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-22-164317.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-22-164317.png"/></p>
<p>来源：谷歌财经</p>
<h2>重大脱钩？</h2>
<p>好吧，自 2 月以来，比特币一直作为风险资产与美国股票一起波动，这种情况并不总是如此。</p>
<p>根据比特币皮尔逊相关性（30 天）指标，加密货币与美国股票的正相关性自 2 月底以来有所增强。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/btc-pearson-correlation-30d-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/btc-pearson-correlation-30d-1.png"/></p>
<p>来源：The Block</p>
<p>然而，从 4 月 15 日起，比特币脱离了标准普尔 500 指数和纳斯达克综合指数。此后，它与黄金呈现正相关，表明它从 4 月中旬开始表现得像是 ‘避险资产’ 或 ‘安全港’ 交易。</p>
<p>事实上，在最近的一次 CNBC 采访中，市场分析师兼 FundStrat 首席投资官汤姆·李表示，</p>
<blockquote>
<p>“比特币将会赶上黄金。它的历史最高价超过 10 万美元。作为一种非美元资产，还有上升空间。”</p>
</blockquote>
<p>他指出，最近美元资产的去杠杆化（抛售）已经结束，可能会推动比特币未来的表现。</p>
<p>对于 Galaxy Digital 的研究主管亚历克斯·索恩来说，比特币与美国股票的脱钩趋势是显著的。然而，他警告说这种趋势不会持久。</p>
<p>美元和美国股票的持续抛售是由于特朗普总统对美联储主席杰罗姆·鲍威尔的威胁，称其在降息方面 “太迟”。</p>
<p>大多数分析师认为，特朗普的举动违反了美联储的独立性。这削弱了信心，并引发了投资者大规模逃离美国市场，转向黄金、比特币和其他市场。</p>
<p>就其本身而言，黄金创下了每盎司 3500 美元的新历史高点，而比特币的涨幅更大。截至 2025 年，比特币的表现落后于黄金，价值缩水超过 35%。重新兴起的 ‘避险’ 交易是否会使其重新夺回失去的地位，仍有待观察。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/BTCUSD_GOLD_2025-04-22_17-03-53.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/BTCUSD_GOLD_2025-04-22_17-03-53.png"/></p>
<p>来源：BTC/黄金，TradingView</p>

GBTC

<p>比特币已与美国股票脱钩，上涨了 5%，而标准普尔 500 指数和纳斯达克分别下跌了 5% 和 6%。这一变化使比特币与黄金作为 “避险” 资产相一致，受到投资者因政治紧张局势而逃离美元资产的影响。分析师表示，比特币可能会追赶黄金，但警告称这种脱钩可能不是永久的。黄金达到了每盎司 3500 美元的新高，而比特币的未来表现仍不确定，今年已损失超过 35% 的价值</p>

<ul>
<li><em>Bitcoin decoupled from U.S stocks and followed gold’s ‘safe haven’ rally</em></li>
<li><em>The Trump-Fed feud may be partly responsible for investors’ flight from U.S dollar assets</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>比特币脱离美国股票，跟随黄金的 ‘避险’ 反弹</em></li>
<li><em>特朗普与美联储的争执可能部分导致投资者逃离美元资产</em></li>
</ul>
</div><p>Bitcoin [BTC] decoupled from U.S stocks last week and maintained the trend earlier this week. In fact, over the last five trading days, the cryptocurrency has rallied by 5%. It went on to tap $90k during Tuesday’s early morning trading session.</p>
<div class="lb-trans"><p>比特币 [BTC] 上周脱离美国股票，并在本周早些时候保持这一趋势。事实上，在过去五个交易日中，这种加密货币上涨了 5%。在周二的早盘交易中，它一度触及 90,000 美元。</p>
</div><p>Over the same period, the S&amp;P 500 Index (SPY) fell down by 5% while tech-heavy Nasdaq slipped by 6%.</p>
<div class="lb-trans"><p>在同一时期，标准普尔 500 指数（SPY）下跌了 5%，而以科技股为主的纳斯达克指数下滑了 6%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-22-164317.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/Screenshot-2025-04-22-164317.png"/></p>
<p>Source: Google Finance</p>
<div class="lb-trans"><p>来源：谷歌财经</p>
</div><h2>A major decoupling?</h2>
<div class="lb-trans"><h2>重大脱钩？</h2>
</div><p>Well, this hasn’t always been the case since BTC had been moving alongwith U.S equities as a risk-on asset since February.</p>
<div class="lb-trans"><p>好吧，自 2 月以来，比特币一直作为风险资产与美国股票一起波动，这种情况并不总是如此。</p>
</div><p>According to the BTC Pearson Correlation (30-day) indicator, the crypto’s positive correlation to U.S stocks strengthened from late February.</p>
<div class="lb-trans"><p>根据比特币皮尔逊相关性（30 天）指标，加密货币与美国股票的正相关性自 2 月底以来有所增强。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/btc-pearson-correlation-30d-1.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/btc-pearson-correlation-30d-1.png"/></p>
<p>Source: The Block</p>
<div class="lb-trans"><p>来源：The Block</p>
</div><p>However, from 15 April, BTC decoupled from the S&amp;P 500 and the Nasdaq Composite. Afterwards, it correlated positively with gold, suggesting it began behaving as a ‘risk-off asset’ or ‘safe haven’ trade from mid-April.</p>
<div class="lb-trans"><p>然而，从 4 月 15 日起，比特币脱离了标准普尔 500 指数和纳斯达克综合指数。此后，它与黄金呈现正相关，表明它从 4 月中旬开始表现得像是 ‘避险资产’ 或 ‘安全港’ 交易。</p>
</div><p>In fact, in a recent CNBC interview, market analyst and FundStrat CIO Tom Lee said,</p>
<div class="lb-trans"><p>事实上，在最近的一次 CNBC 采访中，市场分析师兼 FundStrat 首席投资官汤姆·李表示，</p>
</div><blockquote>
<p>“BTC is going to catch up to gold. Its ATH was over $100K. There’s room to catch up as a non-dollar asset.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“比特币将会赶上黄金。它的历史最高价超过 10 万美元。作为一种非美元资产，还有上升空间。”</p>
</blockquote>
</div><p>He noted that the recent de-leveraging of U.S dollar-based assets (sell-off) was over and could boost BTC going forward.</p>
<div class="lb-trans"><p>他指出，最近美元资产的去杠杆化（抛售）已经结束，可能会推动比特币未来的表现。</p>
</div><p>For Galaxy Digital’s Head of Research Alex Thorn, Bitcoin’s decoupling trend from U.S stocks is remarkable. However, he warned that it wouldn’t last.</p>
<div class="lb-trans"><p>对于 Galaxy Digital 的研究主管亚历克斯·索恩来说，比特币与美国股票的脱钩趋势是显著的。然而，他警告说这种趋势不会持久。</p>
</div><p>The sustained sell-off in the U.S dollar and U.S stocks has been driven by ongoing threats by President Donald Trump to fire Fed chair Jerome Powell for being “too late” to cut interest rates.</p>
<div class="lb-trans"><p>美元和美国股票的持续抛售是由于特朗普总统对美联储主席杰罗姆·鲍威尔的威胁，称其在降息方面 “太迟”。</p>
</div><p>Most analysts view Trump’s move as a breach of Fed independence. This has dented confidence and sparked a mass investor exodus from U.S markets to gold, BTC, and other markets.</p>
<div class="lb-trans"><p>大多数分析师认为，特朗普的举动违反了美联储的独立性。这削弱了信心，并引发了投资者大规模逃离美国市场，转向黄金、比特币和其他市场。</p>
</div><p>For its part, Gold knocked a new all-time high of $3.5k per ounce and BTC pumped harder. In 2025 so far, Bitcoin has lagged behind gold and shed over 35% of its value. Whether the renewed ‘safe haven’ trade will tip it to regain lost ground against gold remains to be seen.</p>
<div class="lb-trans"><p>就其本身而言，黄金创下了每盎司 3500 美元的新历史高点，而比特币的涨幅更大。截至 2025 年，比特币的表现落后于黄金，价值缩水超过 35%。重新兴起的 ‘避险’ 交易是否会使其重新夺回失去的地位，仍有待观察。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/04/BTCUSD_GOLD_2025-04-22_17-03-53.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/04/BTCUSD_GOLD_2025-04-22_17-03-53.png"/></p>
<p>Source: BTC/gold, TradingView</p>
<div class="lb-trans"><p>来源：BTC/黄金，TradingView</p>
</div>

比特币和黄金表现出色，而美元下跌——加密货币是否终于脱离了与股票的联动？