{"id":30039,"date":"2026-05-28T14:05:54","date_gmt":"2026-05-28T14:05:54","guid":{"rendered":"https:\/\/bitunikey.com\/news\/bitcoin-price-slips-below-the-75k-mark-as-jpmorgan-says-the-devaluation-trade-is-cooling\/"},"modified":"2026-05-28T14:06:01","modified_gmt":"2026-05-28T14:06:01","slug":"bitcoin-price-slips-below-the-75k-mark-as-jpmorgan-says-the-devaluation-trade-is-cooling","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/bitcoin-price-slips-below-the-75k-mark-as-jpmorgan-says-the-devaluation-trade-is-cooling\/","title":{"rendered":"Bitcoin price slips below the $75k mark as JPMorgan says the \u2018devaluation trade\u2019 is cooling"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p>Bitcoin and gold are losing their appeal as macro hedges, JPMorgan says, as Middle East tensions and inflation fears ease and investors pull money from \u201cdevaluation trades.\u201d<\/p>\n<div id=\"cn-block-summary-block_018014c5a72e61520c48bbac3dbcc87f\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>JPMorgan says investors are exiting Bitcoin and gold \u201cdevaluation trades\u201d as macro fears cool<\/li>\n<li>Bitcoin and gold ETFs have seen notable outflows alongside weaker CME futures positioning<\/li>\n<li>The shift follows months of inflows into Bitcoin ETFs during the Iran conflict-driven macro hedge trade<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Bitcoin\u2019s (BTC) role as the market\u2019s flagship \u201cdevaluation trade\u201d is fading as investors unwind macro hedges built during the Iran conflict and peak inflation anxiety, according to a new note from JPMorgan analysts led by Nikolaos Panigirtzoglou.<\/p>\n<figure class=\"wp-block-image size-large\"><\/figure>\n<p>The bank told clients that, as signs of easing tensions in the Middle East emerge and inflation fears moderate, flows into both Bitcoin and gold have reversed, with exchange traded funds tracking the two assets suffering \u201csignificant capital outflows\u201d over the past two weeks and institutional positioning in CME futures weakening in tandem.<\/p>\n<h2 class=\"wp-block-heading\">Bitcoin\u2019s devaluation trade loses steam<\/h2>\n<p>JPMorgan framed the shift not as a rotation trade but as a broad retreat from safe-haven hedges that previously benefited from worries over currency debasement and geopolitical instability, stressing that \u201cit is not a case of Bitcoin funds shifting to gold; rather, both asset classes are facing a simultaneous decline in demand.\u201d<a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.chaincatcher.com\/en\/article\/2267878\"><\/a><br \/>That marks a sharp turn from earlier this month, when the bank argued that Bitcoin was \u201ctaking market share from gold\u201d as a hedge against fiat debasement, with spot Bitcoin ETFs recording three straight months of inflows while gold products remained below pre-March assets under management levels.<a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptorank.io\/news\/feed\/c2dc0-jpmorgan-says-bitcoin-is-taking-golds-place\"><\/a><\/p>\n<h2 class=\"wp-block-heading\" id=\"from-inflow-frenzy-to-etf-outflows\">From inflow frenzy to ETF outflows<\/h2>\n<p>During the height of the Iran conflict, JPMorgan analysts described Bitcoin as the leading expression of the \u201cdebasement trade,\u201d a catch-all label for strategies that pile into assets seen as protection against monetary dilution, structurally high debt, and geopolitical shocks.<\/p>\n<p>In that phase, Bitcoin ETFs were absorbing billions in fresh capital, contributing to an eight day $2.1 billion inflow streak in U.S. spot products through April 23 as the asset climbed from around $68,000 to $77,000, with BlackRock\u2019s IBIT capturing roughly 75% of the flows.<\/p>\n<p>That momentum has reversed into outflows as risk appetite normalizes.<br \/>Just last week, U.S. spot Bitcoin ETFs logged $648.6 million in net outflows in a single day, their largest withdrawal since January, while Bitcoin slipped below $77,000 amid a reset in expectations around inflation and the trajectory of U.S.\u2013Iran tensions.<\/p>\n<p>The latest JPMorgan note suggests that the same macro drivers that powered Bitcoin\u2019s ascent to six figures and pushed gold to a record above $4,000 per ounce in the broader \u201cdebasement trade\u201d are now receding, at least temporarily.<\/p>\n<p>That echoes prior analysis in which the bank argued that capital had been flowing into Bitcoin and gold in parallel as investors sought refuge from a weakening dollar and eroding faith in policy credibility, a dynamic also explored in recent coverage of the joint Bitcoin and gold rally on the \u201cdebasement trade.\u201d<\/p>\n<p>Even as the hedge narrative cools, Bitcoin remains tightly tethered to ETF flows and macro sentiment, a pattern highlighted in recent reporting on streaks of ETF inflows and outflows and their mechanical impact on price direction.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>In previous crypto.news coverage of Bitcoin\u2019s ETF driven rallies and macro shocks \u2014 from the Iran conflict spillover in\u00a0oil linked Bitcoin moves\u00a0to the\u00a0multi day ETF inflow surges\u00a0and\u00a0sharp outflow episodes\u00a0\u2014 the asset has repeatedly behaved less like digital gold and more like a levered bet on the persistence of the debasement trade.<\/p>\n<p>If the current cooling in inflation anxiety and Middle East risk holds, JPMorgan\u2019s latest call implies that both Bitcoin and gold may need a new narrative and fresh capital sources to reclaim their recent highs.<\/p>\n<p>For now, the \u201cdevaluation trade\u201d that once pulled money into both assets in lockstep appears to be in retreat, leaving Bitcoin exposed to any further moderation in the macro panic that helped push it there in the first place.<\/p>\n<p>You can track live market data for\u00a0Bitcoin,\u00a0Ethereum, and\u00a0gold token proxies such as PAX Gold\u00a0directly via crypto.news price pages as the devaluation trade resets.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and gold are losing their appeal as macro hedges, JPMorgan says, as Middle East tensions and inflation fears ease and investors pull money from \u201cdevaluation trades.\u201d Summary JPMorgan says&hellip;<\/p>\n","protected":false},"author":1,"featured_media":26921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-30039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/30039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=30039"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/30039\/revisions"}],"predecessor-version":[{"id":30040,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/30039\/revisions\/30040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/26921"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=30039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=30039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=30039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}