JPMorgan Flags Deeper Bitcoin Skepticism Than Gold

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At the heart of Wall Street, a gigantic industrial scale occupies about two-thirds of the image. On the left tray rests an enormous golden Bitcoin. On the right tray, a spectacular mountain of gold ingots. Both sides are almost perfectly balanced. In the foreground, an institutional analyst in a dark suit examines the central mechanism with a magnifying glass. His expression changes abruptly: he has just discovered a small, bright orange gear hidden in the system. He reaches toward this gear. At that same moment, the scale begins to tip very slightly toward the Bitcoin side, enough to suggest a shift, but not a guaranteed victory.

The market would reserve an unexpected paradox for bitcoin. Indeed, the distrust that still surrounds it would become a supporting factor if investors reduce their hedges. In a note, JPMorgan analysts led by Nikolaos Panigirtzoglou compared the recent dynamics of bitcoin to those of gold. Their interpretation relies on three elements: flows to ETFs, institutional positioning in futures markets, and the level of hedging around the main listed funds. Thus, gold appears more advanced in its recovery, while bitcoin retains more catching-up potential.

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1d hace•

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