摩根大通：比特币“货币贬值交易”退潮加速
Odaily Planet Daily News: JPMorgan analysts said investors are continuing to withdraw from the so-called "currency devaluation trade," with gold-related allocations continuing to decline, while the pace of Bitcoin's retreat has accelerated further in recent days.
The report noted that for the week ending June 5, gold ETFs saw outflows of approximately $20 billion; Bitcoin ETFs have recorded gradually widening outflows for four consecutive weeks. In the futures market, institutional investors are also reducing their exposure to gold and Bitcoin, indicating that both retail and institutional funds are lowering allocations related to hedging against inflation, currency devaluation, and geopolitical risks.
JPMorgan believes that Bitcoin had become a primary expression of the "currency devaluation trade" since the Middle East conflict, but this trend reversed starting in early May and has weakened further recently. Meanwhile, declining liquidity in ETFs and futures markets has also amplified the price correction in Bitcoin.
Analysts added that whether the crypto market can improve in the second half of the year still depends on two key factors: whether crypto treasury companies can provide clearer arrangements for dividend payments, and whether the US "Clarity Act" can gain approval.
