JPMorgan: Retail and Institutional Investors Buying Both Bitcoin and Gold, Sees Risk of Price Corrections for Both

• JPMorgan says retail and institutional investors have been buying both gold and bitcoin this year, not switching between the two

• The bank's analysis shows a build-up of $7B in bitcoin futures and $30B in gold futures since February

• MicroStrategy's debt-funded bitcoin purchases over $2B this year amplified the cryptocurrency’s rally

• JPMorgan believes MicroStrategy added leverage and froth to the current crypto rally, raising risk of more severe deleveraging

• The bank said the risk of mean reversion looks high for both gold and bitcoin, meaning they could fall back toward average levels