JPMorgan says bitcoin and gold ETF outflows point to ‘cooling’ debasement trade amid hopes for Iran-US deal
The Block
JPMorgan analysts report that recent bitcoin and gold ETF outflows signal a cooling of the debasement trade amid potential Iran-U.S. de-escalation.Summary
JPMorgan analysts, led by Nikolaos Panigirtzoglou, suggest that recent outflows from both bitcoin and gold exchange-traded funds (ETFs) indicate a broader retreat from the so-called debasement trade. This strategy, typically used as a hedge against geopolitical instability and currency devaluation, appears to be cooling as market optimism grows regarding a potential Iran-U.S. deal. The report notes that institutional investors are reducing exposure in both futures and ETF markets, with bitcoin experiencing more significant shifts due to its recent role as a primary proxy for these geopolitical concerns.
(Source：The Block)