JPMorgan says the pandemic-era “debasement trade,” centered on bitcoin and then gold, is cooling, with recent outflows from bitcoin and gold ETFs and reduced institutional futures positions reflecting a broader pullback from macro hedges.

The bank's report suggested investors may be getting ahead of a U.S.-Iran peace deal.

Investors are selling #Bitcoin and #gold as concerns over inflation and geopolitical risks decline, leading to profit-taking. While #Bitcoin's

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volatility is decreasing and it remains a potential long-term competitor to gold, the latter continues to be supported by central bank purchases.