JPMorgan: Resolved Hedge Positions Could Give Bitcoin Edge Over Gold
JPMorgan analysts have made an intriguing argument about Bitcoin's potential performance compared to gold. According to them, if high hedge positions in Bitcoin ETFs are resolved, Bitcoin could find stronger support than gold.
The report by JPMorgan analysts led by Nikolaos Panigirtzoglou noted that inflows into Bitcoin and gold ETFs accelerated following the Fed meeting at the end of July. However, the rise in real bond yields in the last week and the US Senate's failure to advance the Clarity Act have weakened this trend.
The report found that demand for gold ETFs has recovered more strongly than for Bitcoin ETFs. Gold ETFs have recouped all of their losses from earlier in the year, while Bitcoin ETFs have only managed to recover about half of their previous outflows.