JPMorgan analysts stated that recent investors have been continuously withdrawing to hedge against currency devaluation, inflation, and geopolitical risks, which are at the core of the "Debasement Trade," with gold-related allocations steadily declining and Bitcoin fund withdrawals accelerating further. The analysts pointed out that during the week ending June 5, approximately $20 billion flowed out of gold ETFs, while Bitcoin ETFs have experienced four consecutive weeks of fund outflows, with the scale gradually increasing. Data on ETF fund flows, futures positions, and investor asset allocations all indicate that this trading theme is cooling down. JPMorgan also noted that recently, the correlation between Bitcoin and gold with risk assets has strengthened, while their role as portfolio diversification tools has weakened. (The Block)