Funds vote with their feet; the tide of "devaluation trades" is receding faster than expected. BTC and gold are beginning to move in tandem with risk assets, weakening their diversification and hedging functions, and the allocation logic needs to be reconsidered.

Crypto World News reports that JPMorgan analysts state that recent investor withdrawals are primarily to hedge against currency devaluation, inflation, and geopolitical risks, known as "currency devaluation trades." Gold-related allocations have continued to decline, while Bitcoin fund withdrawals have accelerated further. As of the week ending June 5th, gold ETFs experienced approximately $20 billion in net outflows, and Bitcoin ETFs have recorded 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 notes that recently, Bitcoin and gold have shown increased correlation with risk assets, while their role as portfolio diversification tools has weakened.