JPMorgan Chase: Bitcoin outperformed gold during Iran War, showing characteristics of safe-haven assets

According to TheBlock, analysts at JPMorgan Chase said that during the war in Iran, Bitcoin outperformed gold and silver, showing signs of rising capital inflows and activity, while precious metals suffered significant outflows and position closures. Analysts pointed out that gold ETF outflows nearly US$11 billion, silver ETF inflows since last summer have all withdrawn, while Bitcoin showed a net inflow during the same period, indicating its strong performance relative to traditional safe-haven assets. Analysts said crypto activity surged in Iran after the outbreak of the war, as local residents shifted funds from local exchanges to self-managed wallets and international platforms. Bitcoin's borderless nature, self-custody capabilities and 24-hour transactions make it the tool of choice for capital flows in times of economic instability, currency pressure and capital controls. In terms of institutional positions, gold and silver futures positions have fallen sharply since January, while bitcoin futures positions have remained relatively stable. Liquidity conditions have also reversed, with Bitcoin's market breadth exceeding gold.