JPMorgan: Bitcoin may gain support over gold if hedges ease

6.8 Investments

Sep 17, 2026

JPMorgan says Bitcoin could gain more support than gold if investors unwind hedge positions in Bitcoin ETFs, as gold ETFs have recovered more and Bitcoin faces higher short interest.

JPMorgan analysts highlight that Bitcoin could attract more support than gold if investors reduce their defensive hedge positions in Bitcoin ETFs. After the Federal Reserve's July meeting, both Bitcoin and gold ETFs saw inflows. However, gold ETFs have fully recovered previous outflows, while Bitcoin ETFs have only regained about half. A notable contrast appears in short positions: short interest in BlackRock’s iShares Bitcoin Trust ETF (IBIT) remains near yearly highs, while short positions in the SPDR Gold Shares ETF (GLD) are below historical averages. This suggests a more cautious stance toward Bitcoin, likely reflecting increased demand for risk protection. JPMorgan notes that if market sentiment improves and these hedges are unwound, Bitcoin could see stronger relative support compared to gold. The reports clarify this is not a prediction of Bitcoin surpassing gold, but rather an observation of current ETF positioning and the potential for change if defensive strategies diminish.