JPMorgan: Bitcoin Could Gain More Support Than Gold as ETF Hedges Unwind

JPMorgan analysts have found that Bitcoin could potentially gain more support than gold if investors reduce their defensive hedges around exchange-traded funds.

The analysis, which was led by Nikolaos Panigirtzoglou, points to significantly higher short interest in BlackRock's Bitcoin ETF compared with a major gold fund.

JPMorgan found that while gold ETFs have recovered all of their cumulative outflows recorded during 2026, Bitcoin ETFs have only recovered about half. This divergence in positioning leaves Bitcoin with a larger pool of defensive positions that could be reduced if market participants unwind their hedges.