JPMorgan Says Bitcoin Could Outperform Gold as Hedges Unwind

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JPMorgan analysts led by Nikolaos Panigirtzoglou said Bitcoin could receive more support than gold if investors begin unwinding defensive positions around Bitcoin exchange-traded funds, according to a Wednesday note. The analysts said Bitcoin investors remain more heavily hedged than gold investors, leaving room for the cryptocurrency to benefit disproportionately if that caution fades. Gold ETFs have already recovered all of their earlier 2026 outflows, while Bitcoin ETFs have recovered only about half, and short interest in BlackRock's iShares Bitcoin Trust, or IBIT, remains near its highest level this year, while short interest in the SPDR Gold Shares ETF is below its historical average. U.S. spot Bitcoin ETFs recorded $450.4 million in net outflows on Sept. 15 and another $295.9 million on Sept. 16, before reversing to $159.5 million of inflows on Sept. 17, with IBIT alone bringing in $183.7 million that day. The call comes despite a difficult backdrop: on Sept. 15 the Senate failed to advance the CLARITY Act, falling short of the 60 votes needed for cloture, and a day later the Federal Reserve unanimously raised interest rates by 25 basis points to a range of 3.75%-4%, its first increase since 2023.

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Digital Finance & Tokenization▲ · 2 stocks
JPMorgan Chase & Co
JPM
± MixedCapitalrelevance

JPMorgan analysts' note argues Bitcoin could outperform gold as hedges unwind; it is the author of the call, not a company-specific event.

BlackRock Inc
BLK
± MixedCapitalrelevance

IBIT short interest near year-high and ETF flow data cited as evidence in JPMorgan's Bitcoin-vs-gold hedge-unwind call.

Others▲ · 2 stocks

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