Bitcoin vs Gold: JPMorgan Sees Potential Shift in Favor of Crypto

JPMorgan analysts have shifted their cautious outlook on Bitcoin in favor of gold. According to a new analysis, Bitcoin may outperform gold if investors reduce their defensive hedging around cryptocurrency ETFs.

Gold ETFs have fully recovered from earlier outflows in 2026, but Bitcoin ETFs have only recovered about half. This means that investors are still buying significant downside protection for Bitcoin, which could change if sentiment improves.

This cautious positioning has been a hallmark of the JPMorgan outlook on Bitcoin versus gold this year, amid regulatory uncertainty and institutional positioning. However, easing hedges could create a positive setup for Bitcoin's performance relative to gold.