JPMorgan Sees More Upside for Bitcoin Than Gold Amid Short Interest
JPMorgan's analysts have made a surprising case for Bitcoin's upside potential. According to their research note, published on September 16, Bitcoin has more room to run than gold due to structural market mechanics.
The key factors driving this advantage are the lower recapture of outflows by Bitcoin ETFs compared to gold ETFs and the significant short interest piled up against BlackRock's iShares Bitcoin Trust (IBIT).
JPMorgan's analysts point to positioning data, which shows that IBIT's short interest is near its 2026 highs. In contrast, the SPDR Gold Shares ETF (GLD) has short interest below its historical average.
The put-to-call open interest ratio for IBIT remains elevated compared to GLD, indicating a higher demand for downside protection on Bitcoin. This hedging demand creates an asymmetry that benefits Bitcoin disproportionately if fear subsides and those protective positions get unwound.