ChainCatcher 消息，摩根大通表示，在 ETF 资金外流、流动性恶化及机构去杠杆背景下，黄金与白银承压，而比特币展现出更强韧性与相对稳定的资金流入。
黄金 ETF 在 3 月前三周录得近 110 亿美元净流出，白银相关资金亦出现明显回撤，叠加利率上行与美元走强，推动贵金属价格走弱。与此同时，比特币基金仍维持净流入，市场动能逐步改善。价格表现方面，比特币在地缘冲突初期一度随风险资产下跌至 6 万美元区间，但随后迅速企稳，目前维持在 6.8 万至 7 万美元区间震荡，显示长期资金在恐慌后重新入场支撑价格。此外，仓位与动能数据亦出现分化，机构在黄金和白银期货上的持仓自年初以来明显下降，而比特币期货持仓整体保持稳定。趋势跟踪资金已从贵金属“超买”转向低于中性水平，加剧其下跌压力；比特币则从超卖区间回升，卖压趋缓。流动性指标显示，黄金市场广度已降至低于比特币的水平，白银流动性进一步走弱。摩根大通认为，这一变化凸显出比特币在当前宏观与地缘环境下，正逐步展现出不同于传统避险资产的表现特征。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.