Bitcoin Could Outperform Gold in Coming Months, According to JPMorgan Analysis
It is reported that Bitcoin could show stronger performance compared to gold if institutional investors reduce their hedging positions in Bitcoin ETFs.
JPMorgan analysts stated that if institutional investors begin to reduce defensive hedging positions in Bitcoin ETFs, the cryptocurrency could exhibit stronger performance compared to gold in the coming months.
Positions After the Fed Meeting
It was reported that there was an increase in institutional investor positions in both Bitcoin and gold following the Fed's July meeting.
Status of Gold in ETF Flows
According to the JPMorgan report, institutional demand for gold stayed ahead of Bitcoin throughout 2026, with ETF inflows completely offsetting previous capital outflows.
Recovery in Bitcoin ETFs
Despite the strong recovery in gold funds, it was noted that only about half of the year's outflows have been recovered in Bitcoin ETFs.
Hedging Search in Derivatives Markets
The JPMorgan team, led by Nikolaos Panigirtzoglou, emphasized that cryptocurrency investors continue to hold high levels of hedging positions against downside risks through options contracts.
Divergence of Short Positions in Funds
It was stated that short positions in BlackRock's IBIT fund hovered near their highest levels of the year as of September 2026, whereas short positions in the SPDR Gold Shares ETF remained below historical averages.
Future Outlook and Support
JPMorgan projected that the unwinding of current defensive positions will create significant support for Bitcoin and lay the groundwork for stronger performance compared to gold in the coming months.