Bitcoin has proven more resilient than traditional safe-haven assets as gold and silver come under pressure from outflows, positioning unwinds and deteriorating liquidity, according to Wall Street investment bank JPMorgan.
“The deterioration of liquidity conditions in gold has seen its market breadth
fall below bitcoin at the moment,” analysts led by Nikolaos Panigirtzoglou wrote in the Wednesday report.
Bitcoin has shown relative resilience in recent weeks following the outbreak of war in Iran, even after a steep correction from its October highs.
The cryptocurrency initially fell sharply along with broader risk assets, briefly dipping into the low $60,000 range and triggering heavy liquidations as investors rushed to de-risk amid geopolitical uncertainty.
But the sell-off proved to be short-lived. Prices have since stabilized in the $60,000 to low $70,000 range, even as tensions continue and oil prices rise above $100 a barrel. barrel.
The price action suggests bitcoin is behaving less like a pure safe haven in the immediate shock phase and more like a high-beta macro asset, selling off initially and then finding support as flows return and long-term owners step in as the panic subsides.
Gold is down about 15% month to date, reversing a crowded rally that pushed prices to record highs near $5,500 in January. Silver, which peaked near $120, has followed a similar path lower. JPMorgan analysts attributed the sell-off to rising interest rates, a stronger US dollar and broad profit-taking by both retail and institutional investors.
Flow data reinforces the shift. Gold ETFs saw nearly $11 billion in outflows in the first three weeks of March, while silver ETFs built since last summer have been liquidated, the report said. In contrast, bitcoin funds have continued to attract net inflows over the same period.
Positioning data tells a similar story. JPMorgan’s proxy for institutional activity, based on Chicago Mercantile Exchange (CME) futures open interest, shows a sharp build-up in gold and silver exposure through late 2025 to early 2026, followed by a steep decline since January as investors cut positions. Bitcoin futures positioning, by comparison, has been relatively stable in recent weeks.
Momentum signals also diverge. The bank noted that trend-following investors, such as Commodity Trading Advisors (CTAs), have aggressively reduced exposure to gold and silver, with indicators fluctuating from overbought to below-neutral levels. This shift in positioning is likely to have reinforced recent price declines. Bitcoin momentum, meanwhile, is recovering from oversold conditions towards neutral, suggesting selling pressure may be easing.
The liquidity conditions highlight the deviation further. Gold’s market breadth has worsened to the point where it now trails bitcoin, a reversal of the typical relationship. Silver’s liquidity has weakened further, with thinner market depth exacerbating recent price movements, the report added.
The world’s largest cryptocurrency was trading around $69,000 at the time of publication. Gold traded around $4,450/oz and silver $69/oz.
Read more: Wall Street broker Bernstein calls bitcoin bottom, keeps $150,000 year-end target
