JPMorgan analysts cite rising Bitcoin ETF inflows and institutional demand as gold ETFs struggle to recover from outflows.
JPMorgan analysts stated Bitcoin is replacing gold as the preferred debasement hedge following the U.S.-Iran conflict. Bitcoin ETFs have seen consistent inflows, while gold ETFs remain below pre-March levels despite recent stabilization.
Data shows retail and institutional investors are favoring Bitcoin, with record activity in CME futures and offshore perpetual contracts. Digital asset treasuries, such as MicroStrategy (Nasdaq: MSTR), also reflect this shift, though recent losses may prompt asset sales.
The analysts noted Bitcoin’s stronger market momentum compared to gold since the conflict began, driven by both direct and indirect investment channels.