JPMorgan analysts believe bitcoin could see stronger price support than gold if hedging demand in the ETF market eases. Short positions in BlackRock’s iShares Bitcoin Trust (IBIT) were at their highest level of the year, with a put-to-call ratio above that of SPDR Gold Shares (GLD), indicating heavier hedging activity around bitcoin. As of August 31, IBIT’s short position stood at 45.9 million shares, up 23.8% from 37.1 million two weeks earlier. US bitcoin ETFs saw significant volatility in early September, with $236 million in outflows on September 1 followed by $731 million in inflows on September 3, their strongest day since January. Bitcoin recently climbed toward $80,000 while gold approached $4,600 per ounce.
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