JPMorgan: Bitcoin Shows Greater Resilience Amid Pressure on Gold and Silver

On March 27, according to CoinDesk, JPMorgan’s latest report indicates that as gold and silver face pressure from capital outflows, position unwinding, and deteriorating liquidity, Bitcoin is demonstrating stronger resilience than traditional safe-haven assets. The report highlights that the worsening liquidity conditions for gold have reduced its market breadth below that of Bitcoin, marking a reversal of their typical relationship. Gold has seen a cumulative decline of about 15% this month, significantly retreating from its historical high of nearly $5,500 per ounce in January; silver has also sharply dropped from its peak of nearly $120. JPMorgan attributes this to rising interest rates, a stronger dollar, and widespread profit-taking by retail and institutional investors. Data on capital flows reinforces this divergence. In the first three weeks of March, gold ETFs experienced net outflows of nearly $11 billion, with all net inflows accumulated since last summer in silver ETFs now fully reversed. In contrast, Bitcoin funds have continued to record net inflows during the same period. Positioning data also shows divergence. An institutional activity indicator based on CME futures open interest shows that positions in gold and silver have sharply declined since January after significant accumulation from late 2025 to early 2026; Bitcoin futures positions have remained relatively stable recently. In terms of momentum indicators, trend-following investors such as Commodity Trading Advisors (CTAs) have significantly reduced their exposure to gold and silver, with related indicators dropping sharply from overbought territory; Bitcoin’s momentum has rebounded from oversold conditions to near neutral territory, suggesting that selling pressure may be easing.