JPMorgan says bitcoin is proving more resilient than gold and silver as precious metals face mounting pressure from institutional outflows, positioning unwinds, and weakening liquidity conditions.
In a Wednesday note, analysts led by Nikolaos Panigirtzoglou wrote:
“The deterioration in liquidity conditions in gold has seen its market breadth decline below that of bitcoin currently.”
Gold and silver under pressure
Gold has fallen roughly 15% month to date, reversing a crowded rally that had pushed prices to record highs near $5,500 in January.
Silver, which peaked near $120, has followed a similar path lower.
JPMorgan attributed the sell-off to rising interest rates, a stronger U.S. dollar, and broad profit-taking by retail and institutional investors.
Gold ETFs saw nearly $11 billion in outflows in the first three weeks of March, while silver ETF inflows built since last summer have been fully unwound.
In contrast, bitcoin funds have continued to attract net inflows over the same period.
Bitcoin’s relative resilience
Bitcoin initially dropped sharply alongside broader risk assets following the outbreak of war in Iran, briefly falling into the low-$60,000 range and triggering large liquidations.
But the sell-off proved short-lived, with prices stabilizing in the high-$60,000 to low-$70,000 range even as geopolitical tensions persist and oil surges above $100 a barrel.
The bank noted that trend-following investors, such as Commodity Trading Advisors, have aggressively reduced exposure to gold and silver, with momentum indicators swinging from overbought to below-neutral.
Bitcoin’s momentum is recovering from oversold conditions toward neutral, suggesting selling pressure may be easing, according to the report.
Positioning and liquidity diverge
JPMorgan’s proxy for institutional activity, based on CME futures open interest, shows a sharp buildup in gold and silver exposure through late 2025 into early 2026, followed by a steep decline since January.
Bitcoin futures positioning has remained relatively stable by comparison.
At the time of publication, bitcoin was trading around $69,000, gold around $4,450 per ounce, and silver around $69 per ounce.
