JPMorgan Sees Bitcoin as Potential Safe Haven Over Gold Amid Investor Positioning Shift

JPMorgan analysts have suggested that Bitcoin could receive more support than gold if investors unwind their short positions and options used to protect Bitcoin ETF holdings.

The bank's reasoning is based on a difference it identified earlier this year, where short interest in BlackRock's iShares Bitcoin Trust (IBIT) had risen while short interest in SPDR Gold Shares (GLD) had declined.

JPMorgan notes that IBIT's put-to-call open-interest ratio was above GLD's, indicating that Bitcoin ETF investors appeared to be using more insurance against a fall than investors in the largest gold ETF.