JPMorgan: Bitcoin May Outperform Gold as ETF Hedging Demand Subsides

JPMorgan analysts noted that Bitcoin could see stronger price support than gold if hedging demand in the ETF market eases. Currently, short interest in BlackRock’s iShares Bitcoin Trust (IBIT) is at its highest level this year, with a put-to-call ratio exceeding that of the SPDR Gold Shares ETF (GLD). While both assets saw inflows following the Federal Reserve's late-July meeting, momentum recently slowed due to rising bond yields and the Senate's failure to advance the CLARITY Act (US digital-asset market-structure bill).