This statistical edge is a factor for some systematic funds adjusting allocations now. What Happened: JPMorgan analysts now project Bitcoin could climb to $165,000 by the end of 2025, citing its undervaluation compared to gold on a volatility-adjusted basis as reported by The Block. Providing short exposure to VIX ® futures contracts is not an altogether new idea; however, ETNs with the similar objectives have previously been withdrawn due to performance deterioration when market volatility spiked, causing the value of short positions to fall. JPM futures saw a brief pullback to 170.10 following hawkish Fed remarks, but technical buyers stepped in near the 50-day SMA. This level remains an anchor for short-term strategies.