Bitcoin Rises Amid Global Tensions as Gold and Silver Falter
JPMorgan has observed that Bitcoin outperformed gold and silver in recent weeks amid global tensions. The bank's analysis, led by managing director Nikolaos Panigirtzoglou, compared flow data, institutional positioning, momentum signals, and liquidity conditions across the three assets.
The report found that gold fell roughly 15% month-to-date, while silver followed a similar path lower. JPMorgan attributed both moves to rising interest rates, a stronger U.S. dollar, and profit-taking among investors who had built large positions earlier in the year.
Gold ETFs recorded nearly $11 billion in outflows during the first three weeks of March, while silver ETF flows reversed all inflows accumulated since last summer. Meanwhile, Bitcoin funds posted net inflows over the same period.