"Gold's appreciation over the past year has far exceeded what would be implied by moves in the dollar and real bond yields, and likely reflects the reemergence of this 'depreciation trade,'" JPMorgan analysts led by Nikolaos Panigirtzoglou said in a report on Friday, adding that record capital inflows into cryptocurrency markets in 2024 suggest that Bitcoin is also becoming a "more important component" of investors' portfolios. Depreciation trades are 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.