CoinMeta data: Analysts at JPMorgan Chase stated that after the Federal Reserve meeting at the end of July, there was an inflow of funds into both gold and Bitcoin. Among them, gold has recovered all of the outflows during the year, while Bitcoin has only recovered about half of them. Futures positions indicate that institutions are still highly involved in both assets. However, the short positions held by certain entities under JPMorgan Chase are still near their annual highs, and the ratio of unliquidated put/call options is higher for Bitcoin than for gold, indicating that investors have a stronger hedging demand for Bitcoin and are more cautious with their overall positions. Analysts believe that if the hedging demand declines in the future, the higher short positions could provide more support for Bitcoin relative to gold.