analysts at JPMorgan believe that from the perspective of investor positions, bitcoin, the US dollar, and stocks are the most vulnerable asset classes. The positions of bitcoin, the US dollar, and stocks appear to be increasing as investors bet that these assets will rise. In other areas, bond and credit positions are close to neutral, while commodity positions, excluding gold, are decreasing. "Therefore, from a position perspective, the most vulnerable asset classes entering 2025 are stocks, the US dollar, and bitcoin, while the opposite face is non-gold commodity."