JPMorgan Private Bank strategists have noted that despite a 10% decline in the U.S. Dollar Index (DXY) over the past year, Bitcoin has fallen by 13% during the same period, failing to rise as it typically does when the dollar weakens. The analysts attribute the dollar's decline to short-term capital flows and sentiment rather than fundamental shifts in economic growth or monetary policy expectations. They point out that U.S. interest rate differentials have continued to favor the dollar since the beginning of the year. Bitcoin is currently behaving more like a liquidity-sensitive risk asset rather than a store of value like gold. Without a clear shift in monetary policy, the dollar's weakness alone is insufficient to attract new capital into the crypto market.