This time, Bitcoin is not behaving like the weaker alternative. It is starting to look like the steadier one.
JPMorgan’s latest view points to a shift that matters.
Even with ETF outflows, weaker liquidity, and institutional deleveraging hitting the broader market, the pressure has been heavier on gold and silver than on Bitcoin. Gold ETFs saw nearly $11 billion in net outflows in the three weeks leading into March, silver also faced notable withdrawals, and both metals were hit further by higher rates and a stronger dollar.
Bitcoin, meanwhile, has held up differently.
After dropping into the $60,000 range during the geopolitical shock, it stabilized quickly and is now moving around $68,000 to $70,000. The important part is not just price. JPMorgan says capital inflows into Bitcoin funds have remained more stable, futures positioning has held up better than in precious metals, and momentum has improved as selling pressure eased.
That creates a very different picture from gold and silver, where positions have been cut, liquidity has weakened, and trend-following money has moved from overbought to below neutral.
The real message here is simple:
in this macro environment, Bitcoin is showing more resilience than the traditional metals many expected to hold up better.
#Bitcoin #Gold #Silver