According to JPMorgan analysis, since the outbreak of the Iran war in late February, there has been a significant divergence in capital flows between Bitcoin and gold ETFs. The largest gold ETF SPDR Gold Shares (GLD) saw capital outflows of approximately 2.7% of assets under management during the period, while iShares Bitcoin Trust (IBIT) recorded approximately 1.5% asset inflows. Analysts also noted that institutional investors' demand for Bitcoin short positions and hedging has increased recently, but as institutional holdings increase and market liquidity improves, Bitcoin's volatility shows signs of convergence. (The Block)