JPMorgan: Bitcoin Shows Greater Resilience as Gold and Silver Come Under Pressure

BlockBeats News, March 27th, according to CoinDesk's report, JPMorgan's latest report pointed out that, amid outflows from gold and silver, position unwinds, and deteriorating liquidity, Bitcoin is showing greater resilience than traditional safe-haven assets.

The report noted that the deterioration of gold's liquidity conditions has reduced its market breadth below that of Bitcoin, a reversal of their typical relationship. Gold has seen a cumulative drop of about 15% in the past month, plummeting from its historical high near $5,500/ounce in January; silver has also seen a significant decline from its peak near $120. JPMorgan attributed this to rising interest rates, a stronger dollar, and widespread profit-taking by retail and institutional investors.

Fund flow data reinforced this divergence pattern. In the first three weeks of March, gold ETFs saw net outflows of nearly $11 billion, erasing all the net inflows accumulated since last summer for silver ETFs. In contrast, Bitcoin ETFs continued to see net inflows during the same period.

Positioning data also showed differentiation. Based on the institution activity indicator derived from CME futures open interest, gold and silver positions sharply declined since the end of 2025, after a significant buildup, while Bitcoin futures positions remained relatively stable since January. On the momentum indicator side, trend-following investors such as Commodity Trading Advisors (CTAs) have drastically reduced their exposure to gold and silver, with related indicators plunging from overbought territory; Bitcoin's momentum has rebounded from oversold levels to near the neutral range, indicating selling pressure may be subsiding.