🚨 JPMorgan just mapped a Bitcoin vs Gold trade

Sept 16 research (Panigirtzoglou's team): gold ETFs recovered 100% of their 2026 outflows. Bitcoin ETFs? Only about half.

Add this: short interest in BlackRock's IBIT is sitting near its HIGHEST level of the year.

JPMorgan's conclusion: if that hedging unwinds, BTC gets extra fuel relative to gold.

A mega-bank sketching a BTC squeeze scenario = a very different vibe from 2022. 🤔

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