JPMorgan analysts said that investors have continued to withdraw recently to hedge against the core “Debasement Trade”—currency devaluation, inflation, and geopolitical risks—where gold-related allocations have continued to decline, and the pace of Bitcoin fund withdrawals has accelerated further. The analysts noted that for the week ending June 5, gold ETFs saw approximately $20 billion in net outflows, while Bitcoin ETFs have recorded outflows for four consecutive weeks, with the scale increasing gradually. Data on ETF fund flows, futures positions, and investors’ asset allocation all indicate that this trading theme is cooling down. JPMorgan also said that recently, the correlation between Bitcoin and gold and risk assets has strengthened, while their role as portfolio diversification tools has weakened. (The Block)