<ul>
<li><em>比特幣脱離美國股票，跟隨黃金的 ‘避險’ 反彈</em></li>
<li><em>特朗普與美聯儲的爭執可能部分導致投資者逃離美元資產</em></li>
</ul>
<p>比特幣 [BTC] 上週脱離美國股票，並在本週早些時候保持這一趨勢。事實上，在過去五個交易日中，這種加密貨幣上漲了 5%。在週二的早盤交易中，它一度觸及 90,000 美元。</p>
<p>在同一時期，標準普爾 500 指數（SPY）下跌了 5%，而以科技股為主的納斯達克指數下滑了 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>來源：谷歌財經</p>
<h2>重大脱鈎？</h2>
<p>好吧，自 2 月以來，比特幣一直作為風險資產與美國股票一起波動，這種情況並不總是如此。</p>
<p>根據比特幣皮爾遜相關性（30 天）指標，加密貨幣與美國股票的正相關性自 2 月底以來有所增強。</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>來源：The Block</p>
<p>然而，從 4 月 15 日起，比特幣脱離了標準普爾 500 指數和納斯達克綜合指數。此後，它與黃金呈現正相關，表明它從 4 月中旬開始表現得像是 ‘避險資產’ 或 ‘安全港’ 交易。</p>
<p>事實上，在最近的一次 CNBC 採訪中，市場分析師兼 FundStrat 首席投資官湯姆·李表示，</p>
<blockquote>
<p>“比特幣將會趕上黃金。它的歷史最高價超過 10 萬美元。作為一種非美元資產，還有上升空間。”</p>
</blockquote>
<p>他指出，最近美元資產的去槓桿化（拋售）已經結束，可能會推動比特幣未來的表現。</p>
<p>對於 Galaxy Digital 的研究主管亞歷克斯·索恩來説，比特幣與美國股票的脱鈎趨勢是顯著的。然而，他警告説這種趨勢不會持久。</p>
<p>美元和美國股票的持續拋售是由於特朗普總統對美聯儲主席傑羅姆·鮑威爾的威脅，稱其在降息方面 “太遲”。</p>
<p>大多數分析師認為，特朗普的舉動違反了美聯儲的獨立性。這削弱了信心，並引發了投資者大規模逃離美國市場，轉向黃金、比特幣和其他市場。</p>
<p>就其本身而言，黃金創下了每盎司 3500 美元的新歷史高點，而比特幣的漲幅更大。截至 2025 年，比特幣的表現落後於黃金，價值縮水超過 35%。重新興起的 ‘避險’ 交易是否會使其重新奪回失去的地位，仍有待觀察。</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>來源：BTC/黃金，TradingView</p>

GBTC

<p>比特幣已與美國股票脱鈎，上漲了 5%，而標準普爾 500 指數和納斯達克分別下跌了 5% 和 6%。這一變化使比特幣與黃金作為 “避險” 資產相一致，受到投資者因政治緊張局勢而逃離美元資產的影響。分析師表示，比特幣可能會追趕黃金，但警告稱這種脱鈎可能不是永久的。黃金達到了每盎司 3500 美元的新高，而比特幣的未來表現仍不確定，今年已損失超過 35% 的價值</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>比特幣脱離美國股票，跟隨黃金的 ‘避險’ 反彈</em></li>
<li><em>特朗普與美聯儲的爭執可能部分導致投資者逃離美元資產</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>比特幣 [BTC] 上週脱離美國股票，並在本週早些時候保持這一趨勢。事實上，在過去五個交易日中，這種加密貨幣上漲了 5%。在週二的早盤交易中，它一度觸及 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>在同一時期，標準普爾 500 指數（SPY）下跌了 5%，而以科技股為主的納斯達克指數下滑了 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>來源：谷歌財經</p>
</div><h2>A major decoupling?</h2>
<div class="lb-trans"><h2>重大脱鈎？</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 月以來，比特幣一直作為風險資產與美國股票一起波動，這種情況並不總是如此。</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>根據比特幣皮爾遜相關性（30 天）指標，加密貨幣與美國股票的正相關性自 2 月底以來有所增強。</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>來源：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，從 4 月 15 日起，比特幣脱離了標準普爾 500 指數和納斯達克綜合指數。此後，它與黃金呈現正相關，表明它從 4 月中旬開始表現得像是 ‘避險資產’ 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>事實上，在最近的一次 CNBC 採訪中，市場分析師兼 FundStrat 首席投資官湯姆·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>“比特幣將會趕上黃金。它的歷史最高價超過 10 萬美元。作為一種非美元資產，還有上升空間。”</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，最近美元資產的去槓桿化（拋售）已經結束，可能會推動比特幣未來的表現。</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>對於 Galaxy Digital 的研究主管亞歷克斯·索恩來説，比特幣與美國股票的脱鈎趨勢是顯著的。然而，他警告説這種趨勢不會持久。</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>美元和美國股票的持續拋售是由於特朗普總統對美聯儲主席傑羅姆·鮑威爾的威脅，稱其在降息方面 “太遲”。</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>大多數分析師認為，特朗普的舉動違反了美聯儲的獨立性。這削弱了信心，並引發了投資者大規模逃離美國市場，轉向黃金、比特幣和其他市場。</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，黃金創下了每盎司 3500 美元的新歷史高點，而比特幣的漲幅更大。截至 2025 年，比特幣的表現落後於黃金，價值縮水超過 35%。重新興起的 ‘避險’ 交易是否會使其重新奪回失去的地位，仍有待觀察。</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>來源：BTC/黃金，TradingView</p>
</div>

比特幣和黃金錶現出色，而美元下跌——加密貨幣是否終於脱離了與股票的聯動？