Bitcoin Outperforms Gold as Short Interest Gap Widens

JP Morgan's analysts have made a surprising case for Bitcoin's upside potential over gold. According to their research note, published on September 16, Bitcoin has more room to run due to structural market mechanics rather than crypto enthusiasm.

The bank's analysts led by Nikolaos Panigirtzoglou argue that two factors contribute to this advantage. Firstly, Bitcoin ETFs have recaptured far less of their outflows compared to gold ETFs since late July 2026. Secondly, the short interest piled up against BlackRock's iShares Bitcoin Trust (IBIT) is creating a potential squeeze that gold doesn't have.

The positioning data tells the story: IBIT's short interest sits near its 2026 highs, while SPDR Gold Shares ETF (GLD) has short interest below its historical average. The put-to-call open interest ratio for IBIT remains elevated compared to GLD, indicating hedging demand and an asymmetry in market positioning.

JPMorgan's analysts frame this as a mechanical advantage rather than a directional bet. They're not saying Bitcoin is fundamentally better than gold; they're highlighting the imbalance created by the positioning around Bitcoin ETFs.