According to JPMorgan analysis, since the Iran conflict erupted in late February, Bitcoin and gold ETF fund flows have shown significant divergence. The largest gold ETF SPDR Gold Shares (GLD) experienced capital outflows of approximately 2.7% of assets under management during the period, while iShares Bitcoin Trust (IBIT) recorded inflows of approximately 1.5% of assets. Analysts simultaneously noted that institutional investors' short and hedging demand for Bitcoin has risen recently, but as institutional holdings increase and market liquidity improves, Bitcoin's volatility shows signs of convergence. (The Block)

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