{"id":9484,"date":"2026-05-29T12:28:00","date_gmt":"2026-05-29T12:28:00","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=9484"},"modified":"2026-05-29T12:28:00","modified_gmt":"2026-05-29T12:28:00","slug":"bitcoin-gold-debasement-trade-losing-steam-as-etf-outflows-rise","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=9484","title":{"rendered":"Bitcoin, Gold \u2018Debasement Trade\u2019 Losing Steam as ETF Outflows Rise"},"content":{"rendered":"

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  • JPMorgan strategist Nikolaos Panigirtzoglou said synchronised May outflows from Bitcoin and gold ETFs signal a broad unwind of the debasement trade.<\/span><\/li>\n
  • Spot Bitcoin ETFs lost US$733.43 million on May 27 alone, with total May outflows running near US$2 billion.<\/span><\/li>\n
  • The bank tied the reversal to fading expectations of the US\u2013Iran conflict, after earlier framing Bitcoin as \u201cthe primary representation of the debasement trade since the onset of the Iran conflict.\u201d<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Investment banking giant JPMorgan said the so-called \u201cdebasement trade\u201d in Bitcoin (BTC) and gold is losing momentum, with synchronised ETF outflows and weaker CME futures positioning pointing to traders unwinding hedges tied to inflation and US\u2013Iran tensions, according to a research note dated May 28.<\/p>\n

    Nikolaos Panigirtzoglou, a JPMorgan strategist on the bank\u2019s Global Markets Strategy team, stated in the report that \u201cBitcoin had been the primary representation of the debasement trade since the onset of the Iran conflict,\u201d but argued the trade has reached an inflection point.\u00a0<\/p>\n

    \u201cThe market is telling us, through the blunt instrument of ETF flows, that the fear trade is losing its grip,\u201d the note added.<\/p>\n

    Read more: Sydney Laksa Purchase Becomes Australia\u2019s First Stablecoin Retail Payment on Base<\/strong><\/p>\n

    Synchronised ETF Outflows<\/h2>\n

    Spot Bitcoin ETFs recorded US$733.43 million (AU$1.02 billion) of net outflows on May 27, capping a run of more than US$1 billion (AU$1.39 billion) in redemptions over two trading days. May outflows from US-listed spot Bitcoin funds total roughly US$2 billion (AU$2.78 billion), with BlackRock\u2019s IBIT and Fidelity\u2019s FBTC accounting for the bulk of the withdrawals.<\/p>\n

    Gold ETFs are following a similar pattern after a turbulent quarter. Global physically backed gold funds posted a record US$12 billion (AU$16.68 billion) in March outflows, recovered with about US$6.6 billion (AU$9.17 billion) of April inflows, and have seen renewed selling through May.\u00a0<\/p>\n

    JPMorgan flagged that both assets are bleeding capital at the same time, characterising the move as a broad unwind rather than a rotation from gold into Bitcoin or vice versa.<\/p>\n

    The bank said the original surge in the debasement trade tracked the onset of the Iran conflict, and the May unwind coincides with fading expectations of a US\u2013Iran confrontation and growing market discussion of a possible diplomatic resolution.<\/p>\n

    Keep in mind Panigirtzoglou had argued Bitcoin was taking market share from gold, supported by three consecutive months of inflows into spot Bitcoin ETFs while gold funds lagged after Iran-related outflows.<\/p>\n

    Read more: Bitcoin Stalls as ETF Outflows and Iran Deal Speculation Shake Crypto Markets<\/strong><\/p>\n<\/p><\/div>\n

    Banks,ETF,JPMorgan#Bitcoin #Gold #Debasement #Trade #Losing #Steam #ETF #Outflows #Rise1780057680<\/p>\n","protected":false},"excerpt":{"rendered":"

    JPMorgan strategist Nikolaos Panigirtzoglou said synchronised May outflows from Bitcoin and gold ETFs signal a broad unwind of the debasement trade. Spot Bitcoin ETFs lost US$733.43 million on May 27 alone, with total May outflows running near US$2 billion. The bank tied the reversal to fading expectations of the US\u2013Iran conflict, after earlier framing Bitcoin<\/p>\n","protected":false},"author":1,"featured_media":9485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[91,4397,231,243,2796,373,1296,3333,336],"class_list":["post-9484","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-bitcoin","tag-debasement","tag-etf","tag-gold","tag-losing","tag-outflows","tag-rise","tag-steam","tag-trade"],"yoast_head":"\nBitcoin, Gold \u2018Debasement Trade\u2019 Losing Steam as ETF Outflows Rise - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=9484\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin, Gold \u2018Debasement Trade\u2019 Losing Steam as ETF Outflows Rise\" \/>\n<meta property=\"og:description\" content=\"JPMorgan strategist Nikolaos Panigirtzoglou said synchronised May outflows from Bitcoin and gold ETFs signal a broad unwind of the debasement trade. 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