JPMorgan: Bitcoin outperforms gold and silver, with capital flows and momentum showing resilience

Odaily Planet Daily News: JPMorgan states that amid ETF outflows, deteriorating liquidity, and institutional deleveraging, gold and silver are under pressure, while Bitcoin shows stronger resilience and relatively stable capital inflows. Gold ETFs experienced nearly $11 billion in net outflows in the first three weeks of March, and silver-related funds also saw significant withdrawals. Coupled with rising interest rates and a strengthening dollar, precious metal prices have weakened. Meanwhile, Bitcoin funds continued to see net inflows, and market momentum is gradually improving.

In terms of price performance, Bitcoin initially dropped to the $60,000 range during the early stages of the geopolitical conflict, along with risk assets, but quickly stabilized. It is now fluctuating between $68,000 and $70,000, indicating that long-term capital has re-entered after panic selling to support prices.

Additionally, position and momentum data show divergence: institutional holdings in gold and silver futures have significantly decreased since the beginning of the year, while Bitcoin futures holdings remain stable overall. Trend-following funds have shifted from being overbought in precious metals to below neutral levels, increasing downward pressure; Bitcoin has rebounded from oversold territory, with selling pressure easing. Liquidity indicators show that market breadth for gold has fallen below that of Bitcoin, and silver liquidity has further weakened. JPMorgan believes this shift highlights Bitcoin’s emerging performance characteristics, distinct from traditional safe-haven assets, in the current macro and geopolitical environment. (CoinDesk)