I recently noticed a very interesting market phenomenon. Data from JPMorgan shows that institutional investors are significantly increasing their positions through CME Bitcoin futures and offshore perpetual futures, reaching new highs. This indicates that large capital is quietly shifting its attitude toward Bitcoin.

What’s even more noteworthy is the action on the retail side. Bitcoin ETFs experienced three consecutive months of capital inflows in May, while during the same period, gold ETFs were still slowly recovering from capital outflows that began during the initial phase of the Iran conflict in March. This contrast clearly illustrates the point—retail investors, when facing currency devaluation risks, are increasingly turning to Bitcoin rather than gold.

JPMorgan’s Managing Director Nikolaos Panigirtzoglou pointed out that this reflects a deeper trend change. Under global currency devaluation pressures, Bitcoin is replacing gold as a more popular hedging tool. Whether retail or institutional, momentum signals are rebounding, indicating that the market’s recognition of Bitcoin as an inflation hedge is rising.

The logic behind this shift is actually quite clear. Traditional currency devaluation hedging methods are showing stronger adaptability and appeal in the face of new challenges. Whether you’re a retail investor participating through ETFs or an institution positioning via futures, everyone’s choices are pointing in the same direction. Interestingly, this consensus formation may be happening faster than many people expected.