ETF and futures data show investors still trust gold over BTC in times of uncertainty
Bitcoin may be billed as “digital gold,” but it’s not behaving like it, according to JPMorgan analysts. In a research report released Wednesday, the bank noted that gold is attracting significant safe-haven inflows, while Bitcoin is experiencing declining futures activity and ETF outflows.
Between January and March, gold ETFs saw $21.1 billion in inflows globally, with $2.3 billion from China and Hong Kong alone. Meanwhile, Bitcoin has faced three consecutive months of ETF outflows, and open interest in BTC futures has dropped, indicating lower speculative appetite.
Digital gold narrative under pressure
The divergence comes as macro uncertainty drives capital into traditional safe havens like gold, the Swiss franc, and Japanese yen. Bitcoin, despite being viewed as a hedge against inflation and currency debasement, is failing to absorb the same type of risk-off demand.
Earlier this month, JPMorgan analysts said Bitcoin’s safe-haven narrative is weakening and reaffirmed $62,000 as a key support level, citing production costs.
Bitcoin is currently trading at $84,300, up slightly on the day. But as investor preference shifts back toward traditional assets, its role as a safe haven may be increasingly questioned.
