Gold Flows In, Bitcoin Flows Out Post-Iran Shock: JPMorgan

While the prior digest highlighted Bitcoin's leading indicator role, new data quantifies the capital flight. According to JPMorgan, Bitcoin and Gold ETFs have shown a sharp divergence in flows since the Iran conflict began. Investors are clearly treating gold as a traditional safe haven while pulling capital from crypto, reinforcing the 'risk-off' narrative currently pressuring prices. This flow data is the tangible evidence behind the sentiment shift you're seeing on the charts.

Other stories—like the staggering $50M AAVE swap loss and new sanctions—underline operational and regulatory risks, but the macro capital rotation is the core driver. For traders, this reinforces the need to watch broader risk appetite. A sustained recovery for BTC likely requires a stabilization in equities and a reversal of these ETF outflows. Until then, the path of least resistance remains cautious.

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