BlockBeats 消息，10 月 23 日，Finality Capital Partners 合伙人、前灰度 Research 负责人 David Grider 在社交媒体上发文表示，截至 2025 年迄今，黄金表现显著优于比特币。过去八年中仅出现过两次类似情况——2018 年与 2022 年——这两年均是加密市场的熊市周期。
市场普遍预期比特币将跟随黄金的抛物线涨势，在年底前触及 17 万美元关口。我们认同 CrossBorder Capital 的观点，即黄金对比特币价格存在显著影响。毕竟两者均深受全球流动性影响，但风险偏好及地缘政治因素同样扮演关键角色。
从数据模型来看，CrossBorder Capital 测算指出黄金与比特币在短期呈现负相关性，但长期维持正相关——黄金价格的上涨，通常需要 8-9 周时间才能传导至比特币。
总体而言，我们认为比特币的补涨交易在多数时段具备更优的风险回报比。但若由流动性/货币贬值驱动的补涨行情将会发生，则必须尽快启动。否则，本次黄金与比特币的关联性或因地理政治与风险偏好因素而破裂。正如 2022 年初熊市启动时，俄乌冲突期间黄金上涨而比特币下跌的场景。
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