While the Bitcoin gold debate and comparison that has been going on for years continues, a new report came from JP Morgan.
According to Coindesk, JP Morgan said that investors did not switch from gold to Bitcoin.
At this point, analysts stated that although the increase in outflows in gold ETFs and the increase in Bitcoin ETF inflows, considered together, fueled speculation that investors were switching from gold to Bitcoin, this situation is not true.
JP Morgan analysts stated that retail and institutional investors purchased both gold and Bitcoin this year, and said that there has been an increase in gold and Bitcoin futures since February 2024, and that this increase reflects the balanced trend of investors.
JP Morgan analysts led by Nikolaos Panigirtzoglou stated in the report that spot ETF inflows and MicroStrategy's BTC accumulation increased the Bitcoin price, not investors switching from gold.
“Private investors and individuals have invested in both gold and Bitcoin since the beginning of 2024, rather than switching from gold to Bitcoin.
Beyond retail investors, speculative institutional investors such as hedge funds, including momentum traders such as CTAs, have also purchased both gold and Bitcoin futures since February.
This shows that institutional investors are more influential than retail investors in advancing the rally.
Our analysis shows a sharp increase in positions of $7 billion in Bitcoin futures and $30 billion in gold futures since February.
“In this rally, Bitcoin purchases made by institutional investors, specifically MicroStrategy, also played a role in strengthening the rally.”
Bitcoin, which dropped to $65,000 after the correction that started yesterday, continues to be traded at $67,844 at the time of writing.
*This is not investment advice.