Bitcoin, the dollar and equities are the most vulnerable asset classes from an investor positioning perspective, analysts at JPMorgan Chase said in a report. Positions in bitcoin, the dollar and equities look to be increasing as investors bet that these assets will rise. Elsewhere, bond and credit positions are near neutral, while commodity positions excluding gold are decreasing. "So from a positioning perspective, the most vulnerable asset classes going into 2025 are equities, the dollar and bitcoin, while the opposite is non-gold commodities."