摩根大通：比特币与黄金“贬值交易”降温，投资者撤出避险资产

Odaily Planet Daily News JPMorgan analysts led by Nikolaos Panigirtzoglou noted that, as signs of de-escalation emerge in the Middle East situation, investors are gradually pulling back from Bitcoin and gold markets, suggesting that the 'debasement trade' which had driven demand for both is losing momentum. Over the past two weeks, both Bitcoin and gold-related ETFs have seen significant fund outflows, while institutional positioning on CME futures has also weakened concurrently. This trend indicates investors are exiting the macro hedging trades that had been popular due to inflation concerns and global instability earlier. Moreover, the outflows do not represent a rotation from Bitcoin into gold; rather, both asset classes are simultaneously experiencing diminished demand. Since the Iran conflict, Bitcoin has been the primary manifestation of the 'debasement trade.' (CoinDesk)