Bitcoin Could Overtake Gold as JPMorgan Predicts Institutional Shift
JPMorgan Chase & Co analysts led by Nikolaos Panigirtzoglou pointed out that gold ETFs have fully recovered all their 2026 outflows, while Bitcoin ETFs have only partially recovered.
The debasement trade, which drove inflows into both assets after the July Fed meeting, has weakened over the past week due to rising inflation-adjusted bond yields and the failure of the CLARITY Act in the Senate.
According to JPMorgan's data, short interest in BlackRock's iShares Bitcoin Trust is near its highest level this year, while short interest in the SPDR Gold Shares ETF sits below its historical average. The put-to-call ratio is also higher for IBIT than GLD, indicating elevated hedging demand around Bitcoin relative to gold.
This contrast suggests that Bitcoin still faces a more skeptical positioning backdrop than gold, but if hedging demand falls, it could give Bitcoin more support from current levels.