JPMorgan Says Bitcoin Could Outperform Gold as ETF Hedges Unwind

On-chain analytics firm Glassnode reported on September 16 that net Bitcoin purchases by listed companies amounted to only about 5,900 BTC over the past three months, roughly 69.5 billion yen. Compared with the roughly 89,000 BTC, or about 1.048 trillion yen, recorded in July 2025, that is about one-fifteenth of the level. The average acquisition price for listed companies stands at about 80,500 dollars, roughly 6 percent above the market price at the time of the survey, leaving these companies as a whole sitting on unrealized losses. Behind the slowdown in buying are the decline in Bitcoin's price and tightening financial conditions, as core inflation in the United States has fallen to 2.4 percent while the policy rate holds at 3.75 percent, pushing real interest rates higher. New demand from sources other than companies has also weakened: U.S. spot Bitcoin ETFs saw net outflows of about 334 million dollars between September 8 and 14, while the stablecoin supply was roughly 301 billion dollars, flat from the previous week. Strategy, one of the world's largest Bitcoin holders, is shifting its focus from an all-out buying strategy to management that emphasizes capital efficiency, and Glassnode noted that the corporate average acquisition price of 80,500 dollars could serve as near-term resistance on the upside.