JPMorgan: Bitcoin Could Outperform Gold Amid Rising Hedging Demand

A recent report by JPMorgan analysts, led by Nikolaos Panigirtzoglou, suggests that Bitcoin could benefit more than Gold if hedging demand for exchange-traded products continues to rise. The team highlighted a growing disparity between the two asset classes, with Gold having recovered most of its outflows in 2026, while Bitcoin has only recovered half.

The analysts point to the fact that BlackRock's IBIT ETF currently has the highest levels of short interest in 2026, while the premium Gold-backed ETF SPDR Gold Shares ETF's short interest is around 3.5%, well below its historic average. The derivatives market also reinforces this position, as the put-to-call open interest ratio for IBIT exceeds that of GLD.

The report concludes that current elevated hedging around BTC could become a source of strength for the digital currency if investors become less cautious over time and wind down their protections. Panigirtzoglou argues that this disparity could benefit BTC holders in the near term as inflows continue to strengthen.