Bitcoin Could Outpace Gold as Hedging Demand Eases

JPMorgan analysts led by Nikolaos Panigirtzoglou believe that Bitcoin could attract more price support than gold if hedging demand in the ETF market decreases.

The reason behind this prediction is the high level of short interest in BlackRock's iShares Bitcoin Trust (IBIT), which has reached its highest point for the year so far.

This increased short interest, along with a put-to-call open interest ratio that surpasses that of the SPDR Gold Shares ETF (GLD), suggests heavier hedging around Bitcoin compared to gold.