According to JPMorgan analysts led by managing director Nikolaos Panigirtzoglou, Bitcoin ETFs have seen inflows for a third consecutive month in May, while gold ETFs continue to struggle recovering outflows that began when the Iran conflict erupted in March. The divergence suggests retail investors are rotating from gold to bitcoin as a debasement trade—buying assets to protect against currency weakening during geopolitical tensions.
Bitcoin buying extends beyond retail through ETFs, with JPMorgan’s positioning proxies based on CME futures and offshore perpetual futures hitting new highs, indicating institutional investors have increased exposure. Additionally, MicroStrategy, the largest corporate bitcoin holder globally, has accelerated its accumulation pace this year; if current buying continues, the company’s bitcoin purchases could reach approximately $30 billion annually, the analysts noted.
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