Analysts at JPMorgan Chase & Co. have observed that recent outflows from both Bitcoin and gold exchange-traded funds (ETFs) signal a cooling of the debasement trade, which typically involves purchasing these assets as hedges against inflation and geopolitical risks. The report by managing director Nikolaos Panigirtzoglou highlights that these outflows are more closely tied to rising hopes for a peace agreement between the US and Iran, rather than a shift in investor preference from Bitcoin to gold. Over the past two weeks, Bitcoin ETFs experienced significantly larger outflows, totaling $733.4 million, while gold ETFs also faced declines. Notably, BlackRock's IBIT ETF recorded its second-largest single-day outflow of $527.8 million. Additionally, futures markets show a reduction in institutional investor exposure to both assets. Technical analysis indicates that Bitcoin is currently in a bearish trend, with key moving averages signaling a breakdown from previous levels of support. The overall performance of Bitcoin remains down by 32.50% over the past year.