Bitcoin is being excluded from the demand for sure shelter, says JPMorgan

By Hannah Pérez

While gold is benefiting from the feeling of risk aversion of investors seeking to take refuge in uncertain times, Bitcoin is staying behind.

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• JPMorgan analysts come to Bitcoin staying as a refuge against gold.
• Investor activity leans less towards Bitcoin and more towards gold.
• Gold ETF tickets are triggered in the middle of new price maximums.
• Meanwhile, Bitcoin remains more than 20% below its maximum 3 months ago.

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The recent divergence in the graphics of Bitcoin And gold, suggests that the distinguished cryptocurrency is not fully achieving its role as a safe refuge, while the position of the precious metal seems clear.

The golden metal has been emerging at new historical prices against the US dollar amid the agitation that Trump administration tariffs in the United States have caused global markets.

The value of gold per ounce broke an unprecedented maximum of more than USD $ 3,000 this month while cryptocurrencies faced wide volatility. Bitcoin (BTC), although relatively resilient compared to the stock market, has decreased more than 20% since it reached a historical stop of more than $ 109,000 in January.

In a recent report, the bank giant team JPMorgan He reviewed the activity of the products linked to both assets to point out that while gold has benefited from the recent demand for safe refuge, Bitcoin It is staying behind.

Investor dynamics favors gold

Tickets both in the funds quoted in the stock market (ETF) and in the gold futures markets have increased, promoted by investors seeking security amid the macro uncertainty, the analysts of the analysts wrote JPMorgan led by managing director Nikolaos Panigirtzoglou in a report collected on Wednesday by The Block.

The Gold Global ETF saw USD $ 21.1 billion in net tickets in the first quarter of 2025with USD $ 2.3 billion from ETF only from China and Hong Kong, according to data cited in the report. These tickets represented about 6% of the total assets under administration (AUM) for the Golden ETF worldwide, analysts added.

Meanwhile, the activity of the ETFs of Bitcoin In cash in the US market it has been another. Replicating volatile price action, with tickets have decreased markedly so far this year. In particular, ETFs with exposure to BTC have registered three consecutive months of capital outflows until April, according to data from Sosovalue.

The speculative interest in the futures of Bitcoin It has also decreased, analysts added, indicating that cryptocurrency is being left behind as a refuge in uncertain times.

“Despite a decrease in market amplitude and liquidity, gold continues to benefit from safe refuge flows similar to coins such as the Swiss Franco and Yen“, Analysts wrote, according to coverage.”These safe refuge flows are seen both in the ETF and in the future spaces ”.

Bitcoin narrative as “digital gold” in debate

The team of JPMorgan He suggested that flow dynamics could be changing Bitcoin Towards gold in the middle of the macro environment, which other analysts have indicated is characterized by a small appetite of investors by risk.

Gold futures have seen an increase in the purchases of speculative investors since February, bank analysts said, noticing that, in contrast, Bitcoin It has not shared the same flows in the period.

“Bitcoin has not benefited from refuge flows sure they have been supporting gold“the analysts concluded.

The conclusions of the bank giant are in line with an earlier report that assured that the narrative of Bitcoin As “digital gold” was under pressure, while gold continues to attract a strong demand.

At that time, as you remember The Blockthe experts of JPMorgan They said gold He is leading degradation trade and remains its main beneficiary. They also established at USD $ 62,000 – a level close to the one recently identified by the chain analyst James Check as a possible background of Bitcoin– As a key support for cryptocurrency.

Contrary to that reading, other observers have opined that Bitcoin He is gaining status as coverage in the middle of the escalation of friction among the US business partners. Arthur Hayes is one of those who has assured that Bitcoin He is strengthening his position as a reserve in the middle of the tariff chaos, and also Standard Chartered He said the cryptocurrency acts as coverage.

Bitcoin Around USD $ 84,500, 0.25% lower in the last 24 hours and 22.6% below its historical maximum only three months ago, according to data from data from data, according to data from Coinmarketcap.

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Hannah Estefanía Pérez / Diariobitcoin

Image generated with AI tool, under free use license

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