JPMorgan: Bitcoin Price Could Gain Support as IBIT Hedging Eases

JPMorgan analysts argue that Bitcoin's price could gain support if investors unwind their hedging positions while retaining their underlying exposure.

The bank points to a positioning gap between Bitcoin and gold funds, with Gold ETFs having recovered all outflows from earlier in 2026, whereas Bitcoin ETFs have only recovered roughly half of their losses.

IBIT short interest sits near its yearly high, while GLD short interest remains below its historical average. The options market also shows a similar pattern, with IBIT having a higher put-to-call open interest ratio than GLD.