The fund outflow isn’t a rollover or repositioning—it’s simply exiting the market altogether. That Iran bounce-and-wave has completely been unwound, giving everything back.

According to CoinDesk, JPMorgan analysts stated that as the Middle East situation eases, investors are gradually withdrawing from the Bitcoin and gold markets, and the downward trading momentum for both is losing steam. Over the past two weeks, related ETF fund outflows and CME futures positions have also contracted, indicating a weakening of macro hedging demand. This is not Bitcoin funds shifting to gold, but rather a simultaneous decline in demand for both asset classes. Since the Iran conflict, Bitcoin has been the main manifestation of such trading.