Recently, I noticed a quite interesting market phenomenon. When facing currency devaluation risks, the choices of retail investors and institutions are quietly changing.

According to JPMorgan's latest analysis, Bitcoin is gradually replacing gold as the preferred hedge against currency depreciation. The data is quite straightforward: Bitcoin ETFs have been attracting inflows for three consecutive months in May, while traditional safe-haven assets like gold ETFs are still recovering from outflows since early March during the Iran conflict. This comparison is very convincing.

Even more interesting is that this trend is not limited to retail investors. Based on CME Bitcoin futures and offshore perpetual futures data, JPMorgan shows that institutional investors' positions have hit new highs. In other words, from retail to institutions, everyone is increasingly inclined to bet on Bitcoin when dealing with currency devaluation.

From a technical perspective, the momentum signals of Bitcoin and gold also rebounded after the conflict began, further confirming a shift in market sentiment. I believe this reflects a deeper cognitive change: in the context of global liquidity easing and ongoing currency depreciation pressure, Bitcoin’s scarcity and liquidity advantages as a digital asset are being recognized by more people.

If you're interested, you can follow the relevant market trends on Gate; this trend is worth continuous observation.