JPMorgan Chase: Bitcoin outperforms gold and silver Capital flow and momentum show resilience

JPMorgan Chase said that gold and silver were under pressure amid ETF outflows, deteriorating liquidity and institutional deleveraging, while Bitcoin showed stronger resilience and relatively stable capital inflows. The gold ETF recorded a net outflow of nearly US$11 billion in the first three weeks of March, and silver-related funds also showed a significant retreat. The combination of rising interest rates and a stronger US dollar pushed precious metal prices to weaken. At the same time, Bitcoin funds still maintained net inflows, and market momentum gradually improved. In terms of price performance, Bitcoin once fell to the US$60,000 range along with risky assets in the early days of the geopolitical conflict, but then quickly stabilized and currently maintains a range of US$68,000 to 70,000, indicating that long-term funds have re-entered to support prices after panic. In addition, position and momentum data have also diverged. Institutions 'positions in gold and silver futures have dropped significantly since the beginning of the year, while Bitcoin futures positions have remained generally stable. Trend following funds have shifted from "overbought" precious metals to below neutral levels, exacerbating downward pressure; Bitcoin has rebounded from oversold range and selling pressure has slowed down. Liquidity indicators show that the breadth of the gold market has dropped below that of Bitcoin, and silver liquidity has further weakened. JPMorgan believes that this change highlights that Bitcoin is gradually showing performance characteristics different from traditional safe-haven assets in the current macro and geographical environment.