PANews reported on June 12th, citing The Block, that Nikolaos Panigirtzoglou, head of the analyst team at JPMorgan Chase, stated that the retreat of fiat currency devaluation hedging trades has continued, with the pace of this retreat accelerating recently for Bitcoin. Gold ETFs saw outflows of approximately $20 billion in the week ending June 5th, while Bitcoin ETFs have experienced a gradual increase in outflows over the past four weeks.

Depreciation hedging refers to investors buying Bitcoin and gold in response to geopolitical uncertainty, inflation, rising government debt, and the need for dollar diversification. JPMorgan Chase stated that this trade continues to recede in ETFs, futures markets, and investor positions. The correlation between Bitcoin and the 10-year US Treasury real yield has recently turned negative, and the correlation between gold and the S&P 500 is closer to the positive correlation between Bitcoin and stocks, indicating that both have recently become more like risk assets. Analysts reiterated that a stronger second half requires clear dividend plans from treasury companies and the passage of the Clarity Act, which currently has a less than 50% chance of passing. However, the current market weakness may ultimately become a "contrarian bullish signal."