analysts at JPMorgan Chase said that Bitcoin, as the "digital gold," is facing pressure, while demand for gold remains strong. "The volatility of Bitcoin and its correlation with stocks have raised doubts about its 'digital gold' status." "Looking ahead, we believe that gold will continue to rise and become the main beneficiary of devaluation trading."

Devaluation trading is a strategy focused on buying assets such as gold and Bitcoin to hedge against inflation, long-term debt, and currency devaluation. Analysts said that this year, the price of gold has risen significantly to over $3,100 per ounce, reflecting the "intensification" of devaluation trading - which means that investors are increasingly favoring gold over Bitcoin.