JPMorgan · Bitcoin · Federal Reserve (FED) · The Block
JPMorgan confirms bitcoin could get more support than gold if ETF hedging eases
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Bitcoin could get more support than gold if investors reduce their ETF hedges, according to JPMorgan analysts.
Key facts
- In comparison, short interest in the SPDR Gold Shares ETF, or GLD, is below its historical average, they said
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- The put-to-call open interest ratio is also higher for IBIT than GLD, which the analysts said points to more hedging around bitcoin
- Bitcoin and gold ETFs saw inflows after the Federal Reserve meeting in late July, when the so-called debasement trade returned, JPMorgan analysts led by Nikolaos Panigirtzoglou said in a Wednesday
Summary
Bitcoin and gold ETFs saw inflows after the Federal Reserve meeting in late July, when the so-called debasement trade returned, JPMorgan analysts led by Nikolaos Panigirtzoglou said in a Wednesday report. Gold ETF demand has recovered more than bitcoin. Futures positioning in both gold and bitcoin remains high, suggesting institutional investors have supported both assets, the analysts said. The bigger difference is in ETF short interest.