JPMorgan analysts have documented a massive rejection by retail and institutional investors of gold and Bitcoin as a hedge against the depreciation of fiat currencies. Against this trend, funds are actively exiting both crypto and gold ETFs: from June 1 to 5, silver-based exchange-traded instruments alone lost about $20 billion, and outflows from bitcoin funds continue for a fourth consecutive week with increasing momentum.

Declining interest in alternative defense assets is observed not only on the spot market, but also on futures, with gold trending downward from late February and for Bitcoin from early May. The bank’s experts point out that both assets have been acting more like risky assets in recent months: Bitcoin’s correlation with the real yield of 10-year US Treasury bonds has turned negative, and gold’s relationship to the S&P 500 has become positive. The share of non-bank investors in these assets relative to stocks and bonds also showed a marked decline after a long period of growth.

Despite current pessimism and a wide-ranging shift away from hedge strategies, JPMorgan has assumed that extremely weak market sentiment could form a "bull counter-trend signal" in the future. This macroeconomic shift is borne out by other market participants as well: previously, Bitwise analysts indicated that financial advisors were reshuffling their portfolios on a massive scale, shifting focus from Bitcoin to stablecoins and tokenized real assets.