🚨 JPMorgan: After the Iran war, Bitcoin and gold ETFs have completely reversed. Since the outbreak of the Iran war, the divergence of safe-haven assets has been maximized! The largest gold ETF (GLD) saw an outflow of 2.7%, while the largest Bitcoin ETF (IBIT) had a net inflow of 1.5%, reversing gold's early year advantage.
Institutional actions are diverging: hedge funds are reducing Bitcoin exposure, favoring gold, while increasing Bitcoin downside hedges; Bitcoin volatility is compressing, and gold volatility is rising.
In the long term, from 2024 to now, the total inflow of IBIT is twice that of GLD. JPMorgan reiterates its long-term Bitcoin target of $266,000 (currently about $70,500).