According to ChainCatcher, analysts at JPMorgan said that rising geopolitical tensions and the November presidential election are prompting investors to view gold and Bitcoin as safe-haven assets, or "depreciation trades."

Analysts note that this “depreciation trade” is driven by a variety of factors, including heightened geopolitical uncertainty since 2022, persistent inflation concerns, large government deficits in major economies, and waning confidence in fiat currencies, especially in some emerging markets.