According to a recent research note from JPMorgan analysts, Bitcoin is increasingly capturing market share from gold as investors seek protection against the devaluation of fiat currencies.
Data shows that Bitcoin exchange-traded funds (ETFs) have experienced inflows for three consecutive months leading up to May, while gold ETFs continue to struggle with recovery following significant outflows triggered by the conflict in Iran back in March, as reported by The Block.
As highlighted by Cryptopolitan in March, this trend began when Bitcoin surged 11% during the early stages of the Iran conflict, contrasting with a 5% decline in gold and nearly a 3% drop in the S&P 500 index.
The update for May reinforces this trend. Gold’s inability to rebound from its February-March outflows underscores a notable structural shift within these markets.
The Demand Engine Behind Strategy’s Buying Pace
Institutional investment in Bitcoin has seen substantial growth through Strategy, which stands as the largest corporate holder of Bitcoin globally.
JPMorgan projects that if Strategy continues its current accumulation rate, it could acquire approximately $30 billion worth of Bitcoin by 2026. This figure would surpass the estimated $22 billion purchased each year during both 2024 and 2025.
This year alone, Strategy has acquired an impressive total of 145,834 $BTC, valued at around $11 billion. Much of this purchasing occurred below its average cost basis near $75,000 per coin.
The company currently holds a total of 818,334 $BTC, worth over $65 billion. Analysts at JPMorgan noted that Strategy appears to have intensified its purchases starting April and is engaging more opportunistically based on market conditions and financing options available.
This week TD Cowen increased their price target for Strategy from $385 to $395 per share.
ETF Inflows Validate Institutional Perspectives
The US spot Bitcoin ETFs recorded five consecutive days with net inflows totaling nearly $1.7 billion through Wednesday’s trading session.
The latest trading session was led by BlackRock’s IBIT ETF which saw inflows amounting to approximately $134.6 million. The ETF sector is now poised for its sixth consecutive week of positive flows—the longest streak since July 2025!
This ongoing streak reflects growing institutional confidence in bitcoin as not merely speculative but rather as part of strategic long-term investments,” said Nick Ruck from LVRG Research.
– Nick Ruck – Director at LVRG Research
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