Recent capital outflows in Bitcoin (BTC) and gold ETFs reflect a cooling of bets on so-called currency devaluations, according to a report published by JPMorgan on May 28th. The bank interprets expectations of a potential deal between the US and Iran as leading some parts of the market to reduce their exposure to assets considered safe-haven.
According to analysts led by Nikolaos Panigirtzoglou, recent developments suggest that: Widespread exit from positions related to macroeconomic hedging and geopoliticsrather than capital rotation from Bitcoin to gold.
The so-called “bet on currency depreciation” (derogatory trade) refers to Investment strategies focused on assets such as Bitcoin and gold To protect against inflation, fiat currency depreciation, geopolitical tensions, and macroeconomic deterioration.
According to JP Morgan, Bitcoin ETFs had larger outflows than gold ETFs During the past two weeks. The bank also noted that similar movements have been observed in the futures market, where institutional investors have reduced their exposure to both assets.
One of the most relevant moves occurred with BlackRock’s Bitcoin spot ETF, IBIT. A record $527.8 million in departures in one daythe second worst day since the fund’s inception.
Adding up the U.S. Bitcoin Spot ETFs: Net outflow of approximately $733.4 million Daily withdrawals on May 27 were the highest since January 29, according to SoSoValue data.
JPMorgan noted that since the start of the Iran conflict, Bitcoin’s presence in this hedging strategy has increased, even surpassing gold in terms of ETF inflows. But banks think: The recent reduction in perceived risks in the Middle East may have weakened some of that positioning.
Analysts also point to a slowdown in activity. trader The momentum of CTA and others has weakened in recent weeks with Bitcoin and gold positions.
It is worth noting that JPMorgan’s current interpretation contrasts with the bank’s stated position several months ago. In May 2025, the firm’s analysts argued that Bitcoin is gaining ground against gold in this hedging strategy due to increased ETF inflows and increased interest from institutional investors.
At that time, JP Morgan Bitcoin bullish potential is expected to increase further in the second half of this yearas reported by CriptoNoticias, is supported by factors such as corporate accumulation, state recruitment, and institutional demand.
Although JPMorgan interprets recent developments as a temporary easing in macroeconomic hedging demand, flows observed in recent weeks does not necessarily imply structural change In the Bitcoin lawsuit. Market trends continue to be highly dependent on global geopolitical and financial conditions, and the possibility of further tensions, changes in monetary policy, or deterioration in negotiations between the United States and Iran could again shift the flow of capital toward assets considered safe-haven.
(Translate tag)Bitcoin (BTC)
