摩根大通私人銀行策略師分析指出，儘管美元指數（DXY）過去一年下跌10%，但比特幣同期跌幅達13%，未能如過往一般，在美元走弱時迎來上漲。分析師解釋，本次美元下跌的主因是短期資金流動與市場情緒影響，而非經濟增長或貨幣政策預期出現根本性轉變；事實上，自今年年初以來，美國的利率利差仍朝有利於美元的方向發展。當前比特幣的走勢表現更偏向對流動性敏感的風險資產，而非黃金這類價值儲存工具，在缺乏明確的貨幣政策轉向背景下，僅靠美元走弱這一因素，尚不足以吸引新資金進入加密貨幣市場。

Strategists at JPMorgan Private Bank analyzed that although the US Dollar Index (DXY) has fallen by 10% over the past year, Bitcoin has dropped 13% in the same period, failing to rise amid dollar weakness as it did in the past. The analysts explained that the current dollar decline is mainly driven by short-term capital flows and market sentiment, rather than a fundamental shift in expectations for economic growth or monetary policy. In fact, US interest rate differentials have continued to move in favor of the dollar since the start of the year. At present, Bitcoin is performing more like a liquidity-sensitive risky asset rather than a store of value such as gold. In the absence of a clear shift in monetary policy, dollar weakness alone is not enough to attract new capital into the crypto market.