finance
JPMorgan Links Bitcoin and Gold ETF Outflows to Iran-US Deal Hopes
JPMorgan analysts reported simultaneous outflows from Bitcoin and gold ETFs over the past two weeks. The firm attributed the moves to reduced demand for assets viewed as hedges against geopolitical risk.
May 28, 3:01 PM·1m read1 source
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JPMorgan analysts said simultaneous outflows from Bitcoin and gold ETFs over the past two weeks indicate cooling demand for assets used as hedges against geopolitical instability and currency weakness.
ETFs recorded larger net outflows than gold ETFs during the period. JPMorgan stated that Bitcoin has served as a primary expression of the so-called debasement trade since tensions with Iran increased.
JPMorgan managing director Nikolaos Panigirtzoglou wrote that the outflows appear tied to growing expectations of an Iran-US agreement. The report said the pattern does not reflect investors shifting from Bitcoin into gold. The same cooling trend was observed in futures markets, according to the analysis.
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