PANews reported on May 31st, citing CoinDesk, that JPMorgan analysts Nikolaos Panigirtzoglou and others stated that as signs of easing tensions in the Middle East emerge, investors are gradually withdrawing from the Bitcoin and gold markets, and the "devaluation trade" that once drove demand for both is losing momentum. Over the past two weeks, both Bitcoin and gold-related ETFs have seen significant outflows, and institutional holdings in the CME futures market have also decreased. This trend indicates that investors are withdrawing from macro hedging trades that were previously popular due to inflation concerns and global instability. Moreover, this is not a shift of funds from Bitcoin to gold, but rather a simultaneous weakening of demand for both assets. Since the Iranian conflict, Bitcoin has been a major manifestation of the "devaluation trade."