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#JPMBTCMayOutperformGold Gold is winning the ETF flow battle today, but JPMorgan sees a possible twist 👀 IBIT carries heavier short and hedging positions than GLD. If those unwind, BTC could see a sharper flow recovery. What caught my attention is BTC may be building several demand engines at once: ETFs, corporate treasuries and rotation from gold. After ~$746M in ETF outflows, $75K is testing conviction. The next BTC rally may depend less on leverage and more on who keeps buying the dip.