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There is a clear rotation of funds, with Gold and Bitcoin showing a "zero-sum game."
JPMorgan pointed out that as "de-dollarization trading" has stalled, Gold ETFs have seen Outflow in the past three weeks, while during the same period, Bitcoin and Crypto ETFs have attracted Inflow. Additionally, since April 22, gold prices have fallen nearly 8% after reaching a peak of $3,500, while Bitcoin prices have risen 18% in the same timeframe. JPMorgan believes that this "zero-sum game" will continue for the remainder of the year, with specific catalysts for Cryptos creating more upside potential for Bitcoin in the second half of the year.
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