Since the Iran conflict erupted at the end of February, according to JPMorgan data, the largest spot Bitcoin ETF—BlackRock's IBIT—has experienced inflows of approximately 1.5%, while the largest gold ETF—SPDR Gold Trust (GLD)—has seen outflows of approximately 2.7%. This has reversed gold's year-to-date inflow advantage. However, institutional positioning is shifting, with IBIT short positions increasing and put-to-call ratios rising, indicating that institutions are taking greater measures to hedge Bitcoin downside risks. Nevertheless, since 2024, Bitcoin ETF cumulative inflows remain significantly ahead.

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