JP Morgan: Bitcoin's status as digital gold weakens as demand for physical gold rises

An analysis has emerged that Bitcoin's status as "digital gold" is in jeopardy. According to The Block on the 3rd (local time), JP Morgan said in a report that "Bitcoin's status as digital gold is in jeopardy."
"The recent correlation between Bitcoin and U.S. stocks suggests that digital assets are weakening," he said. "Meanwhile, demand for physical gold is on the rise." JP Morgan said, "The recent correlation between Bitcoin and U.S. stocks suggests that digital assets are weakening."
"I question the idea of Bitcoin being the only ETF that can buy Bitcoin," he said, explaining, "Over the past two months, there has been an outflow of funds from Bitcoin exchange-traded funds (ETFs), while gold spot ETFs have recorded a net inflow."
He continued, "BTC is trading at a price higher than the mining cost of $62,000, but its fair value taking volatility into account is around $71,000."