JPMorgan published an analysis by Nikolaos Panigirtzoglou on September 16 comparing Bitcoin and gold’s upside potential. Bitcoin ETFs have recovered approximately 50% of their 2026 outflows since late July 2026, while gold ETFs have fully recovered 100%. Short interest on BlackRock’s IBIT is near its 2026 highs, whereas GLD’s short interest is below its historical average. The put-to-call open interest ratio for IBIT remains elevated compared to GLD, creating conditions for a potential squeeze. The report does not include price targets for either Bitcoin or gold.
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