Bitcoin is holding up better than traditional safe-haven assets as gold and silver face pressure from institutional position unwinds, ETF outflows and declining liquidity, according to JPMorgan.
Analysts led by Nikolaos Panigirtzoglou noted that gold’s liquidity backdrop has weakened משמעותfully, with its market breadth now slipping below that of bitcoin—marking a notable shift in relative strength.
In recent weeks, bitcoin has demonstrated resilience following the outbreak of conflict in Iran, despite correcting sharply from its October record highs. The cryptocurrency initially fell in line with broader risk assets, briefly dropping into the low-$60,000 range and triggering widespread liquidations as investors reduced exposure amid heightened geopolitical uncertainty.
That weakness, however, proved temporary. Bitcoin has since stabilized in the high-$60,000 to low-$70,000 range, even as geopolitical tensions remain elevated and oil prices continue to trade above $100 per barrel.
The price action suggests bitcoin is behaving less like a traditional safe haven during the initial shock phase and more like a high-beta macro asset—declining during periods of panic before finding support as flows return and longer-term investors step in.
By contrast, precious metals have come under sustained pressure. Gold has fallen roughly 15% month-to-date, reversing a crowded rally that pushed prices to record highs near $5,500 in January. Silver has followed a similar path lower after peaking near $120. JPMorgan attributed the declines to higher interest rates, a stronger U.S. dollar and broad-based profit-taking across both institutional and retail investors.
Fund flow data underscores the divergence. Gold ETFs have recorded close to $11 billion in outflows خلال the first three weeks of March, while previously accumulated inflows into silver ETFs have been largely unwound. Meanwhile, bitcoin investment products have continued to register net inflows over the same period.
Positioning trends echo this shift. JPMorgan’s gauge of institutional activity, based on CME futures open interest, shows that exposure to gold and silver built up through late 2025 into early 2026, before declining sharply since January as investors cut positions. Bitcoin futures positioning, in contrast, has remained relatively steady.
Momentum signals further differentiate the assets. Trend-following funds such as Commodity Trading Advisors (CTAs) have aggressively reduced exposure to gold and silver, with indicators moving from overbought to below-neutral territory—likely accelerating recent declines. Bitcoin’s momentum, meanwhile, is rebounding from oversold levels toward neutral, indicating that selling pressure may be easing.
Liquidity conditions provide another point of contrast. Gold’s market depth has deteriorated to the point where it now lags bitcoin, while silver’s thinner liquidity has amplified recent price volatility.
At the time of writing, bitcoin was trading around $69,000, with gold near $4,450 per ounce and silver at approximately $69 per ounce.
