According to JPMorgan Chase, the Historical Relationship Between Bitcoin and Gold Has Reversed

According to a new report published by US financial giant JPMorgan Chase, Bitcoin, the leading cryptocurrency, has recently shown greater resilience compared to traditional safe-haven assets.

According to the report, gold and silver have been under significant pressure in recent weeks due to capital outflows, position closures, and deteriorating liquidity conditions. JPMorgan argued that the liquidity squeeze in the gold market, in particular, has reduced the asset’s market access to less than Bitcoin’s, reversing the historical relationship between the two assets. Gold is reported to have fallen by approximately 15% this month from its peak of around $5,500 per ounce in January, while silver has also experienced a sharp decline from its peak of around $120. This decline is attributed to rising interest rates, a strengthening dollar, and significant profit-taking by both individual and institutional investors.

Fund flow data also supports this divergence. In the first three weeks of March, gold ETFs saw a net outflow of approximately $11 billion, while silver ETFs completely wiped out the net inflows they had seen since last summer. In contrast, Bitcoin ETFs recorded consistent net inflows during the same period.

Position data also reveals a striking picture. Institutional activity indicators based on open positions in CME futures show that positions accumulated in gold and silver at the end of 2025 and the beginning of 2026 have rapidly decreased since January. In contrast, positions in Bitcoin futures appear to have remained relatively stable. On the momentum side, CTAs (trend-following large investors) have significantly reduced their positions in gold and silver, causing indicators for these assets to sharply retreat from the overbought region. On the Bitcoin side, the recovery of momentum from oversold levels and its approach to the neutral zone indicates that selling pressure is beginning to weaken.

According to JPMorgan, all this data reveals that Bitcoin is exhibiting a stronger stance compared to traditional safe-haven assets under current market conditions.

*This is not investment advice.