Bitcoin Price Could Gain Relative Support as IBIT Hedging Eases: JPMorgan
JPMorgan analysts argue that Bitcoin price could gain support if investors unwind hedges while keeping their underlying exposure. They point to positioning gaps between Bitcoin and gold funds, where Gold ETFs have recovered all outflows from earlier in 2026, but Bitcoin ETFs have only partially rebounded.
The analysts highlight that BlackRock's IBIT carries near-record short interest compared to SPDR Gold Shares, which has below-average short interest. Options positioning also shows a divide, with IBIT having a higher put-to-call open interest ratio than GLD.
JPMorgan suggests that the Bitcoin price could receive more support if investors remove protection while keeping their underlying BTC exposure. Selling both the hedge and long position would produce a different market effect, and macro conditions can outweigh ETF positioning.