[JPMorgan: 'Fiat Currency Devaluation Hedge Trades' Continue to Recede, Bitcoin Particularly Affected] According to The Block, Nikolaos Panigirtzoglou, head of JPMorgan's analyst team, stated that the retreat of fiat currency devaluation hedge trades has been ongoing, with Bitcoin's retreat accelerating recently. Approximately $20 billion flowed out of gold ETFs in the week ending June 5, while Bitcoin ETFs have seen gradual outflows over the past four weeks. Devaluation hedge trades refer to investors purchasing Bitcoin and gold in response to geopolitical uncertainties, inflation, rising government debt, and the need for dollar diversification. JPMorgan noted that this trade has been consistently declining across ETFs, futures markets, and investor positions. The correlation between Bitcoin and the real yield on 10-year U.S. Treasury bonds has recently turned negative, while the correlation between gold and the S&P 500 has become closer to Bitcoin's positive correlation with stocks, indicating that both assets have recently behaved more like risk assets.