JPMorgan analysts stated in a report that from the perspective of investor positioning, bitcoin, the US dollar, and stocks are the most vulnerable asset classes. The positions in bitcoin, the US dollar, and stocks appear to be increasing as investors bet that these assets will rise. In other areas, positions in bonds and crediting are close to neutral, while positions in csi commodity equity index excluding gold are decreasing. "Therefore, from the perspective of positioning, as we enter 2025, the most vulnerable asset classes are stocks, the US dollar, and bitcoin, while the opposite side is non-gold csi commodity equity index."