A recent analysis from JPMorgan Chase, a prominent financial institution in the United States, indicates that Bitcoin, the foremost cryptocurrency, has demonstrated enhanced stability when compared to conventional safe-haven investments.
The findings of this report highlight that gold and silver have faced considerable challenges in recent weeks due to capital withdrawals, position liquidations, and worsening liquidity scenarios. JPMorgan noted that the liquidity crunch affecting the gold market has notably diminished its accessibility relative to Bitcoin’s market access, thus altering their historically inverse relationship. Reports suggest that gold prices have plummeted by around 15% this month from a high of approximately $5,500 per ounce recorded in January. Similarly, silver has seen a steep decline from its peak near $120. This downturn is largely attributed to increasing interest rates alongside a stronger dollar and substantial profit-taking actions by both retail and institutional investors.
Data regarding fund flows further illustrates this trend divergence. In March’s initial three weeks alone, gold exchange-traded funds (ETFs) experienced net outflows totaling about $11 billion while silver ETFs completely reversed any net inflows they had accumulated since last summer. Conversely, Bitcoin ETFs consistently attracted net inflows during the same timeframe.
Positioning data paints an even clearer picture of market dynamics. Indicators based on open positions within CME futures reveal that institutional holdings in gold and silver at the end of 2025 and early 2026 have sharply declined since January. On the other hand, Bitcoin futures positions appear relatively stable throughout this period. From a momentum perspective as well; Commodity Trading Advisors (CTAs), who are large trend-following investors have significantly reduced their stakes in both gold and silver—resulting in these assets retreating sharply from overbought conditions—while Bitcoin shows signs of recovering momentum after previously being oversold as it nears neutral territory indicating diminishing selling pressure.
JPMorgan concludes that all these indicators suggest Bitcoin is currently exhibiting greater strength compared to traditional safe-haven assets amidst prevailing market conditions.
*This should not be considered investment advice.