JPMorgan: Bitcoin and gold "devaluation trades" cool down, investors withdraw from safe-haven assets

By: rootdata|2026/05/28 22:43:15

J.P. Morgan analysts, including Nikolaos Panigirtzoglou, stated that as signs of easing tensions in the Middle East emerge, investors are gradually withdrawing from the Bitcoin and gold markets. The "devaluation trade" that previously drove demand for both is losing momentum.

In the past two weeks, both Bitcoin and gold-related ETFs have seen significant capital outflows, and institutional positions in the CME futures market have also weakened concurrently. This trend indicates that investors are retreating from the macro hedging trades that became popular due to inflation concerns and global instability, and it is not a case of Bitcoin funds shifting to gold; rather, both asset classes are facing a simultaneous decline in demand. Since the Iran conflict, Bitcoin has been a major representation of the "devaluation trade."

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