分析师江金泽指出，比特币在美股暴跌时仍保持坚挺的原因，可能是对冲基金在降杠杆；对冲基金长期以来在 BTC 上是净空头，在最近两天这种典型的 margin call 之夜里，黄金可能会被抛售来补保证金，所以滞涨和冲突预期继续升温而黄金下跌；而杠杆基金们在 BTC 上的头寸其实是和黄金一样的已经浮赢的头寸，势必是可以优先被关闭用来降杠杆。

<div>分析师江金泽指出，比特币在美股暴跌时仍保持坚挺的原因，可能是对冲基金在降杠杆；对冲基金长期以来在 BTC 上是净空头，在最近两天这种典型的 margin call 之夜里，黄金可能会被抛售来补保证金，所以滞涨和冲突预期继续升温而黄金下跌；而杠杆基金们在 BTC 上的头寸其实是和黄金一样的已经浮赢的头寸，势必是可以优先被关闭用来降杠杆。<br><br></div>

分析师：比特币坚挺或因对冲基金降杠杆优先平空

Analyst Jiang Jinze pointed out that the reason Bitcoin remains resilient during the US stock market crash may be due to hedge funds deleveraging. Hedge funds have long been net short on BTC. During these typical margin call nights in the past two days, gold might be sold to meet margin requirements, causing stagnation and conflict expectations to continue heating up while gold declines. The leveraged funds' positions on BTC are actually floating profit positions similar to gold, which can be prioritized for closure to reduce leverage.

<div>Analyst Jiang Jinze pointed out that the reason Bitcoin remains resilient during the US stock market crash may be due to hedge funds deleveraging; hedge funds have long been net short on BTC, and during these typical margin call nights in the past two days, gold might be sold to meet margin requirements, causing stagnation and conflict expectations to continue heating up while gold declines; the positions of leveraged funds on BTC are actually profitable positions similar to gold, which can be prioritized for closure to reduce leverage.<br><br></div>

Analyst: Bitcoin's strength may be due to hedge funds reducing leverage and prioritizing short selling

Bloomberg analyst James Seyffart expressed surprise at BTC's resilience, noting that it remained above $80,000 even during a sell-off in risk assets and a decline in gold. <Adam Back>, the founder of Blockstream, stated that he has always believed the correlation between BTC and traditional markets is artificial, possibly caused by market makers exploiting the lack of liquidity in fiat currency within the BTC market, with this phenomenon being particularly evident during the opening of the U.S. market.

Bloomberg analysts surprised by Bitcoin's resilience

<Odaily> Planet Daily News: Morgan Stanley analysts suggest that Bitcoin's positioning as "digital gold" is facing pressure, while gold demand remains robust. "Bitcoin's volatility and correlation with stocks have raised doubts about its 'digital gold' narrative." "Looking ahead, we believe gold will continue to rise, becoming the primary beneficiary of devaluation trading." Devaluation trading is a strategy focused on purchasing assets like gold and Bitcoin to hedge against inflation, long-term debt, and fiat currency depreciation. Analysts note that gold prices have significantly increased to over $3,100 per ounce this year, reflecting the "intensification" of devaluation trading—indicating that investors are increasingly favoring gold over Bitcoin. (<Block>)

JPMorgan: Bitcoin’s ‘digital gold’ narrative under pressure

<美国>
On Friday local time, U.S. stocks continued to plummet significantly! By the close, the Dow Jones dropped 5.5%, the Nasdaq fell 5.82%, and the S&P 500 declined 5.97%. Large tech stocks generally fell, with Tesla plummeting 10.42%, NVIDIA dropping 7.36%, and Apple falling 7.29%.

CNBC reported that people are worried that the trade war could lead to a global economic recession, causing U.S. stocks to crash at the opening.

Nomura Securities stated that tariffs are "worse than expected" and lowered the U.S. GDP growth forecast from 1.5%...