JPMorgan: Unwinding Defenses Could Give Bitcoin Edge Over Gold

JPMorgan analysts point out that if investors hold their spot positions and unwind defensive positions such as put options and short selling, Bitcoin's potential support could surpass gold.

This view is based on a comparative analysis of the differences between IBIT (IBIT.US) and GLD (GLD.US) holdings and capital flows.

The analysis suggests that if investors reduce their hedging measures, such as put options and short selling, Bitcoin's ETF support could increase.

JPMorgan notes that this does not mean Bitcoin will replace gold as a mainstream asset allocation; rather, it reflects a shift in investor behavior from risk aversion to long-term holding.