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比特币上涨36%，而股市停滞、黄金连续五周下跌

2026-09-23 21:23:50

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比特币五周涨幅达36%，显著跑赢股市与黄金

在Santiment的市场对比数据中，比特币在五周内上涨了36%，而标普500指数仅上涨0.8%，黄金则下跌了1.5%。Santiment将比特币的这波反弹归因于中小持有者的抛售、ETF需求回升、美国财政部债券回购以及多次突破阻力位时的空头挤压。尽管图表记录了显著的超额收益，但无法确定是哪一种预期的催化剂推动了比特币上涨，也无法断定这种市场分化趋势是否会持续。

比特币（BTC）已超越股票和黄金，在五周内录得36%的涨幅，而传统市场则在动能上表现乏力。Santiment的图表显示，截至9月22日，加密货币价格接近87,100美元，这是在比较周期最后几个交易日再次攀升后的结果。

根据Santiment Intelligence的数据，自8月18日以来，标普500指数仅上涨0.8%，同期黄金下跌1.5%。因此，比特币相对于股指的超额收益为35.2个百分点，相对于黄金的超额收益为37.5个百分点。

这一差距的发展并不均衡：比特币在8月下旬快速上涨，9月初部分时段横盘整理，随后在9月22日前后再次加速。与此同时，标普500指数仅小幅上涨，而黄金最终收盘低于起始水平。

Santiment将早期的行情变动归因于8月中旬持仓量在0.1至10 BTC之间的钱包地址出现的抛售行为。然而，其图表追踪的是价格走势而非钱包活动，因此这一关联来自该公司的更广泛分析。

财政部回购与ETF需求成为关键因素

随着比特币进一步拉开与其他资产的差距，流动性成为Santiment分析中的另一个重要组成部分。该公司指出，美国财政部的大规模债券回购、交易所交易基金（ETF）需求的回升，以及在突破阻力位时引发的空头挤压，共同推动了行情。

自9月9日起，财政部将某些长期债券回购操作的最大规模从20亿美元提高至至少40亿美元。美方称此举旨在支持相关债券市场的流动性。Santiment将此宏观背景与比特币的反弹联系起来，尽管价格图表本身无法衡量任何直接影响。

ETF的购买可以增加对比特币的需求，而空头挤压则迫使做空交易者平仓。这些压力可能强化价格上涨的趋势，但Santiment的三线图表并未显示具体的ETF资金流向或清算数据。

比特币已完全脱离股票与贵金属的走势

Since August 18, Bitcoin's market value has increased by +36.0%, in sharp contrast to the S & P 500's +0.8% and gold's-1.5% performance over the same period. This breakthrough started with small holders with positions of 0.1-10 BTC... pic.twitter.com/L8UaFfSsZS-Sanitation Intelligence (@SantimentData) September 23, 2026

This distinction is crucial because the comparison captures the established result, and the original text provides multiple explanations for how that result came about. In addition, the chart also shows that despite weak trading during certain periods, Bitcoin retained most of its early gains before eventually rising sharply.

Sanitation believes that in the face of rising interest rates and uneven market participation, Bitcoin is responding to the unique forces of the crypto market. At the same time, the company also hinted that expectations of tighter policies suppressed gold's performance during the five-week period.

Conclusion

This chart establishes a large performance gap between Bitcoin, the S & P 500 and gold from August 18 to September 22. Whether the gap continues depends on subsequent trading days; five weeks alone are not enough to establish a permanent change in their relationship.

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