JPMorgan drops alpha: $BTC ETF hedge pressure is maxed out right now.
Their thesis? If that pressure eases, $BTC could actually outperform gold in the next leg.
Translation: institutional flows are coiled. When hedges unwind, we might see real bid strength return to spot $BTC.
Watch the ETF flows closely. If hedge ratios drop and inflows stay steady, that's your signal for a potential rip vs traditional safe havens.
Their thesis? If that pressure eases, $BTC could actually outperform gold in the next leg.
Translation: institutional flows are coiled. When hedges unwind, we might see real bid strength return to spot $BTC.
Watch the ETF flows closely. If hedge ratios drop and inflows stay steady, that's your signal for a potential rip vs traditional safe havens.