Bitcoin ETF inflows show retail investors driving the “debasement trade.”Rising gold prices make Bitcoin more attractive, says JPMorgan analysts. Bitcoin valuation relative to goldIn a report released Wednesday, JPMorgan analysts led by Nikolaos Panigirtzoglou said the bitcoin-to-gold volatility ratio has fallen below 2.0, meaning bitcoin now consumes about 1.85 times more risk capital than gold. The analysis marks a notable shift compared with the end of 2024, when JPMorgan calculated bitcoin was $36,000 overvalued relative to gold. At the same time, gold ETFs began attracting stronger demand, narrowing the gap in cumulative inflows between the two asset classes. The upward revision reflects both relative valuation dynamics with gold and the broader macro environment driving demand for non-traditional stores of value.