JPMorgan: BTC and Gold ETF Outflows Signal Cooling…

JPMorgan analysts led by managing director Nikolaos Panigirtzoglou say investors have been pulling money out of both bitcoin and gold ETFs over the past two weeks — and the bank's read is that this reflects a broad cooling of the debasement trade, not a rotation from one asset into the other. The likely catalyst: growing expectations of an Iran-U.S. diplomatic deal, which would ease the geopolitical pressure that had been driving demand for hard-asset hedges.

Bitcoin ETFs bore the brunt of the retreat. BlackRock's IBIT recorded $527.8 million in outflows on Wednesday alone — its second-largest single-day outflow since launch — while total U.S. spot bitcoin ETF outflows hit $733.4 million that day, the largest since January 29, per SoSoValue data. Bitcoin is currently trading around $72,750, down nearly 3% over 24 hours.