JPMorgan predicts Bitcoin could outperform gold if investors begin unwinding their defensive hedging positions on cryptocurrency ETFs. The bank’s analysts, led by Nikolaos Panigirtzoglou, note that gold ETFs have recovered all of their 2026 outflows, while Bitcoin ETFs have recovered only about half. Short interest in BlackRock’s iShares Bitcoin Trust ETF (IBIT) remains near 2026 highs, and IBIT has a higher put-to-call ratio than the SPDR Gold Shares ETF (GLD), indicating that Bitcoin investors are buying more downside protection. JPMorgan estimated Bitcoin’s production cost at roughly $77,000 and its longer-term volatility-adjusted valuation at $266,000 compared to gold.
Source: Read the original article
