JPMorgan Sees Potential Support for Bitcoin Price as Hedge Positions Unwind

JPMorgan analysts led by Nikolaos Panigirtzoglou suggest that Bitcoin's price could receive more support than gold as investors unwind hedges while keeping their underlying exposure. This positioning gap is evident in BlackRock's IBIT, which carries near-record short interest and a higher put-to-call open interest ratio compared to SPDR Gold Shares.

The bank notes that gold ETFs have recovered all outflows from earlier in 2026, while Bitcoin ETFs have only recovered roughly half. This means that investors are using more downside protection around BTC than gold. The analysts also point out that closing a short position can create buying pressure without necessarily representing a fresh long-term allocation.

JPMorgan's argument centers on how investors protect existing BTC ETF positions, which does not mean they have abandoned Bitcoin. Instead, it shows that some holders still want protection against downside moves, and this distinction matters for the Bitcoin price if market sentiment improves.