BTC May Outshine Gold as JPMorgan Sees Hidden Hedges in the Market

Bitcoin's price has been hovering around $77,700, up 1.6% on the day, as JPMorgan analysts weigh in on whether BTC can outperform gold.

JPMorgan's Nikolaos Panigirtzoglou notes that Bitcoin investors are more defensively hedged against downside risk than their gold ETF counterparts, despite both assets experiencing renewed inflows since the Federal Reserve's July meeting.

This means that if these hedges are unwound, Bitcoin may have more room to run structurally than its price suggests, potentially outperforming gold.