“贬值”交易刺激风险资产反弹，比特币价格再创历史新高

Core Viewpoint - The U.S. government shutdown has triggered a "devaluation trade," leading to a rebound in global risk assets, with Bitcoin reaching a new all-time high of $125,689, surpassing its previous record of $124,514 set on August 14 [1][3]. Group 1: Bitcoin Performance - Bitcoin has surged by 12% this week and has increased over 30% year-to-date, driven by the expectation that the government shutdown will push funds toward "safe-haven" assets [3]. - The recent performance of Bitcoin is significantly different from the government shutdown in late 2018, as it is now more closely associated with U.S. government risk [6]. - October has historically been a strong month for Bitcoin, with 9 out of the last 10 Octobers showing price increases, contributing to bullish sentiment among investors [7]. Group 2: Market Dynamics - The shutdown has led to a broad increase in risk assets, with the S&P 500 and Nasdaq Composite reaching record highs, and gold prices rising over 2% this week [4]. - The influx of funds into Bitcoin-related ETFs has provided additional momentum for price increases, making it easier for traditional investors to participate in Bitcoin investments [6]. - Institutional demand and favorable technical factors, along with seasonal trends, are driving Bitcoin's price upward [3][6]. Group 3: Broader Asset Trends - Various assets, including stocks, gold, and collectibles, have reached historical highs, indicating a widespread trend of investors seeking refuge in alternative assets amid dollar devaluation concerns [5]. - The current environment has seen a shift in investment strategies, with companies like MicroStrategy adopting cryptocurrency accumulation strategies, further boosting market demand [6].