3月9日消息，数字资产金融机构NYDIG表示，近期比特币与美国科技股的同步走势被市场过度解读，两者的相关性更多源于宏观经济环境的共同影响，而非结构性绑定。NYDIG研究主管Greg Cipolaro在最新报告中指出，比特币价格近期升至约67,125美元，与美国软件股走势相似，但这种视觉上的一致并不意味着两者在基本面上已经趋同。
Cipolaro解释称，比特币与科技股同时上涨，很可能反映出市场对流动性环境和宏观风险资产的共同敞口。例如利率预期、全球流动性以及投资者风险偏好变化，都会同时影响成长型科技股和加密资产价格。因此，将比特币视为软件行业或人工智能主题资产的替代品，是一种被放大的市场叙事。
数据显示，自2025年10月比特币创下约12.6万美元历史高点以来，其与美国股市指数的相关性有所提升，包括标普500指数和纳斯达克指数。但Cipolaro指出，这种变化并不仅限于软件股板块，而是更广泛的跨资产波动现象。
从统计角度看，比特币价格波动仅有约25%可以通过股票市场走势解释，至少75%的变化仍来自加密市场自身因素，例如网络活动、链上采用率、监管政策以及宏观资金流动。
Cipolaro还表示，比特币长期以来被称为“数字黄金”，但其短期表现并未像黄金那样稳定对冲宏观风险。当前交易者更倾向于把比特币视为风险资产配置的一部分，而不是单纯基于货币理论进行投资。
尽管如此，NYDIG认为比特币仍具有独特的市场结构和经济驱动因素。区块链网络增长、机构采用以及监管环境变化，使其与传统资产存在明显差异，这也支撑了比特币在投资组合多元化中的潜在价值。
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