JPMorgan says bitcoin could get more support than gold if ETF hedging eases
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6 Articles
JPMorgan Says Bitcoin Could Beat Gold Once ETF Hedging Pressure Eases
JPMorgan analysts say bitcoin could gain more ground than gold if hedging pressure on bitcoin ETFs eases, pointing to heavier put buying and short interest on BlackRock's IBIT than on GLD. It's the bank's second bitcoin-over-gold call this year, after a February note set a long-term $266,000 target.
JPMorgan analysts assessed that Bitcoin could see stronger support than gold in the coming period if the high hedge positions in Bitcoin ETFs are resolved. In a report published by JPMorgan analysts led by Nikolaos Panigirtzoglou, it was stated that inflows into Bitcoin and gold ETFs accelerated after the FED meeting at the end of July, and hedging against currency depreciation came to the forefront again. However, according to the analysts, the…
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