JPMorgan: Bitcoin Could Outperform Gold as ETF Hedge Demand Eases

JPMorgan has analyzed that Bitcoin (BTC) could receive greater price support than gold if hedge demand in the ETF market eases.

According to Walter Bloom, as reported on January 17 (local time), the short interest of BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), is approaching its annual high. The ratio of put options to call options for IBIT also exceeds that of SPDR Gold Shares (GLD), a gold ETF, indicating relatively strong hedge demand in the Bitcoin ETF market, JPMorgan explained.

The bank anticipates Bitcoin could see stronger price support than gold if these hedge positions are unwound.