News
Public · Published
Bitcoin Could Get More Support Than Gold as ETF Hedging Eases: JPMorgan
JPMorgan analysts said Bitcoin could receive stronger price support than gold if hedging tied to exchange-traded funds (ETFs) eases. They noted that short interest in BlackRock's IBIT, a Bitcoin ETF, has reached its highest level of 2026.
Published:
Updated:
What happened
JPMorgan analysts said Bitcoin could receive stronger price support than gold if hedging tied to exchange-traded funds (ETFs) eases. They noted that short interest in BlackRock's IBIT, a Bitcoin ETF, has reached its highest level of 2026.
Confirmed
Global impact / market context
If ETF hedging eases, meaning traders reduce bets against Bitcoin's price, buying pressure could rise, supporting Bitcoin values. This contrasts with gold, which may see less support, potentially shifting investor preference toward Bitcoin as a store of value.
Analyst inference
High short interest, or bets that the price will fall, in IBIT suggests many investors expect Bitcoin to drop. If those bets unwind, forced buying could boost Bitcoin. Meanwhile, gold lacks this dynamic, so its price may stay more stable without similar support.
Analyst inference
What to watch
- Monitor JPMorgan's stated view that Bitcoin could outperform gold if ETF hedging eases, which depends on whether short interest in BlackRock's IBIT declines from its 2026 high. Confirmed
- Watch for changes in IBIT short interest levels, as a drop could signal reduced hedging, potentially creating a price floor under Bitcoin while leaving gold without comparable support. Proposed
- Observe whether investor positioning shifts toward Bitcoin ETFs over gold funds, as reduced short bets may lift Bitcoin demand, but such movement remains speculative without confirmed data. Analyst inference
Affected assets
- BTC — Bitcoin
- GOLD — GOLD