Bitcoin Price Could Rise on Investor Positioning: JPMorgan

JPMorgan analysts are making a case for Bitcoin's price to rise further due to investor positioning, not fundamental analysis.

According to JPMorgan's note dated September 17, the bank points out that while both gold and Bitcoin ETFs initially caught the same wave of inflows in late July, Gold ETFs have recovered all their 2026 outflows, whereas Bitcoin ETFs have only recovered about half of theirs.

The analysts attribute this discrepancy to the fact that investors are more nervous about Bitcoin than gold right now, which they believe is a sign that there's still room for growth in the market.

JPMorgan's case rests on the idea that as investors unwind their heavy hedges, they will be buying back into the market, and this could lead to stronger demand for Bitcoin ETFs compared to gold ETFs.