[JPMorgan: Bitcoin Gradually Surpassing Gold as a Hedge Against Currency Depreciation Post-Iran Conflict] According to The Block, JPMorgan analysts have stated that Bitcoin is gradually surpassing gold as a hedge against currency depreciation following the Iran conflict. Analysts led by Managing Director Nikolaos Panigirtzoglou pointed out that Bitcoin ETFs recorded inflows for the third consecutive month in May, while gold ETFs are still struggling to recover the outflows experienced during the outbreak of the Iran conflict in March. This indicates that since the conflict began, retail investors have been choosing Bitcoin over gold for depreciation hedging trades. The analysts noted that Bitcoin buying is not limited to retail investors through ETFs. JPMorgan's proxy indicators based on CME Bitcoin futures and offshore perpetual futures positions have also reached new highs, suggesting that institutional investors are similarly increasing their exposure. Momentum signals for both Bitcoin and gold have also rebounded since the conflict began.