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Gold's ETF recovery looks stronger today, but positioning may matter more than the headline flow gap. JPMorgan notes that IBIT carries heavier shorts and hedging than GLD, creating a potential release valve if those trades unwind. With BTC near $76,000 after roughly $746M in US spot ETF outflows, treasury demand alone may not set the floor. A rotation needs cleaner positioning and renewed ETF absorption. NFA. #JPMBTCMayOutperformGold