JPMorgan: Bitcoin Gains on Gold as ETFs Hit $1.7B Inflows

JPMorgan analysts highlight Bitcoin supplanting gold as a debasement hedge, with US spot ETFs logging nearly $1.7B inflows over five days while gold lags. MicroStrategy holds 818,334 BTC ($64B value, avg cost $75,537) after Q1-Q2 buys of ~144K BTC but paused pre-May 6 earnings following a $255M (3,273 BTC) addition. BTC trades near $80K, lagging record stocks amid US Strategic Reserve at 328,372 BTC ($26.7B, 1.6% supply) and April ETF inflows of $1.97B, as institutions absorb 500% of daily miner output fueling $96K-$97K targets.