# JP Morgan Warning, Blockbuster Earnings, Bitcoin Inflows
**Date:** 2026-07-22  
**Source:** [YouTube](https://www.youtube.com/watch?v=KaLfbBLo5AI)

## Main Thesis
The market is receiving conflicting signals, with strong corporate earnings contrasting with a warning from JP Morgan's CEO about underestimated risk, while Bitcoin's improving fund flows highlight the importance of focusing on price action and data over sentiment.

## Charts & Technical Analysis

### 1. Stocks (general) (None)

**Bias:** BEARISH

Atkinson reports on comments from Jamie Dimon of JP Morgan Chase, who stated on CNBC that markets are significantly underestimating risk. Dimon added that he would not buy stocks at their current valuations.

### 2. Treasuries (general) (None)

**Bias:** BEARISH

Atkinson relays comments from JP Morgan's Jamie Dimon, who said he would not buy treasuries at current valuations due to his view that markets are underestimating risk.

### 3. Bitcoin (daily)

**Bias:** BULLISH
**Historical Comparison:** Recent positive inflows in July are contrasted with the 'absolutely shocking' super outflows seen in June.

Atkinson notes that Bitcoin has just experienced one of its longest daily inflow streaks for some time. He points out that this positive turn in flows and price action began in early July, immediately following a period of 'shocking' super outflows in June when the news was very bad. He cites Farside Investors data showing that ETF flows have been improving, which he considers 'good news'.

## Regime / Cycle Analysis
The analysis highlights a conflict between strong corporate earnings holding up and a warning from a major bank CEO about overvaluation and risk in stocks and treasuries. This suggests a disconnect between corporate performance and perceived market risk.

## Key Calls & Predictions
- Jamie Dimon of JP Morgan warns that markets are 'significantly underestimating risk' and he would not buy stocks or treasuries at current valuations.
- Bitcoin's price action and ETF flows began to improve in early July just as the news and outflow data from June were at their worst, reinforcing the principle of prioritizing price action and data over opinion.
- The core principle to follow is 'Price action, price action, price action, data and flows'.

## All Instruments Mentioned
Blockbuster, JP Morgan Chase, Stocks, Treasuries, Bitcoin

---
*Generated by FX Evolution Monitor on 2026-07-23 02:01:42*