JPMorgan analysts led by Nikolaos Panigirtzoglou said in a note on Friday that "the appreciation of gold prices over the past year has far exceeded the movements suggested by the movement of the U.S. dollar and real bond yields, and likely reflects the re-emergence of this'depreciation trade '," adding that the record capital inflows into the cryptocurrency market in 2024 suggest that bitcoin is also becoming a "more significant component" of investors' portfolios. Depreciation trading refers to a strategy in which investors turn to assets such as gold and bitcoin to hedge against the depreciation of fiat currencies, which is often driven by factors such as inflation, rising government debt, and geopolitical instability.