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JPMorgan's strategy team under Nikolaos Panigirtzoglou argues that bitcoin, despite lagging gold, could stage the stronger recovery if investors' hedging demand fades, based on a comparison of institutional positioning in the two assets. The transmission runs through the debasement-hedge trade that has pulled flows into both gold and bitcoin since the July Fed meeting: crowded positioning in gold leaves it more exposed to unwinding, while lighter bitcoin exposure implies more room for re-allocation and ETF inflows. Confirmation would require visible rotation in spot bitcoin ETF flows and a stall in gold's momentum; a fresh macro or dollar shock that re-intensifies hedge demand would keep gold's relative bid intact and delay the rotation.
As a Research signal, watch whether it changes price action, volatility, or flows around BTC, GC=F.
Original Source: 블록미디어
This page is market information analysis, not investment advice.
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