Investors are ditching bitcoin and returning to gold, J.P. Morgan says: At the Open

Institutional investors look like they are moving away from Bitcoin and back to traditional gold in a dramatic change in fund flows, J.P. Morgan says.Bitcoin (BTC-USD) is down another 12% early, while spot gold (XAUUSD:CUR) (GLD) is down 0.4%."The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors," Nikolaos Panigirtzoglou, managing director for global market strategy at J.P. Morgan, writes in his note on funds and liquidity. "Over the past month, bitcoin futures markets experienced their steepest and more sustained liquidation since the bitcoin ascent started last October."Institutions are unwinding Bitcoin futures and building up long positions in gold futures.And bitcoin funds are also seeing a steady deterioration, with four-week flow turning negative for the first time, Panigirtzoglou writes.At the same time, cash has been heading to gold ETFs, reversing the pattern of Q4 2020 and the start of this year."It is not clear what is driving