JPMorgan Predicts Bitcoin Could Outshine Gold
JPMorgan Chase has released a report suggesting that Bitcoin could outperform gold in the future. The analysts, led by Nikolaos Panigirtzoglou, pointed out that while gold ETFs have fully recovered their 2026 outflows, Bitcoin ETFs have only recovered about half. This difference is attributed to the debasement trade that drove inflows into both assets after the July Fed meeting.
The report also notes that short interest in BlackRock's iShares Bitcoin Trust (IBIT) sits near its highest level this year, while short interest in the SPDR Gold Shares ETF (GLD) is below its historical average. Additionally, the put-to-call ratio is higher for IBIT than GLD, indicating elevated hedging demand around Bitcoin relative to gold.
JPMorgan's data shows that Bitcoin ETF demand has pulled back more than gold over the past week, leaving room for a recovery if sentiment improves. Futures positioning in both assets remains elevated, suggesting institutional investors have not walked away from either trade.