The US dollar has weakened, but it has not ignited Bitcoin's rally as it usually does. This "unusual trend" has attracted market attention. JPMorgan Private Bank believes that the key is not Bitcoin itself, but rather the "nature" of this dollar decline, which is very different from previous ones.

The US Dollar Index (DXY), which measures the dollar against major currencies, has fallen about 10% over the past year; however, Bitcoin, often seen as a "beneficiary of a weak dollar," has actually fallen 13% during the same period.

Yuxuan Tang, Head of Asia Macro Strategy at JPMorgan Private Bank, pointed out that the recent dollar depreciation is driven by short-term capital flows and market sentiment, rather than changes in market expectations for the US economic outlook or monetary policy.