JPMorgan analysts stated that after the late July Federal Reserve meeting, both gold and Bitcoin ETFs saw capital inflows. Gold ETFs have recovered all year-to-date outflows, while Bitcoin ETFs have only recovered about half. Futures positions indicate institutional participation in both assets remains high, but BlackRock's IBIT short positions are still near year-to-date highs, and the put/call open interest ratio for Bitcoin is higher than that of the gold ETF GLD. This suggests stronger hedging demand for Bitcoin and more cautious overall positioning. Analysts believe that if hedging demand decreases in the future, the high IBIT short positions could provide more support for Bitcoin relative to gold. (The Block) https://(wublock123.com)/news/jpmorgan-bitcoin-may-gain-vs-gold-if-etf-hedging-falls-68578