JPMorgan says bitcoin has failed to benefit from safe-haven flows backing gold

Safe haven demand is lifting gold, but bitcoin is missing out, according to JPMorgan analysts.

Gold is attracting inflows in both the exchange-traded fund (ETF) and futures markets, driven by investors seeking safety amid macro uncertainty, JPMorgan analysts led by managing director Nikolaos Panigirtzoglou wrote in a Wednesday report shared with The Block.

Bitcoin, on the other hand, is being left behind, with declining speculative interest in futures and three straight months of ETF outflows , the analysts noted.

"Despite a decline in market breadth and liquidity, gold continues to benefit from safe haven flows in a similar fashion to currencies like the Swiss franc and the yen," the analysts wrote. "These safe haven flows are seen in both the ETF and futures spaces."

Global gold ETFs saw $21.1 billion in net inflows in the first quarter of 2025, with $2.3 billion coming from China and Hong Kong ETFs alone, according to World Gold Council data cited in the report. These inflows represented around 6% of total assets under management (AUM) for gold ETFs globally, compared to 16% for China/HK gold ETFs — underscoring a faster-growing impulse in the region, the analysts noted.

Gold futures have also seen increased buying from speculative investors since February, the analysts said.

In contrast, bitcoin has not shared in the same flows. "Therefore, bitcoin has failed to benefit from the safe haven flows that have been supporting gold," the analysts concluded.

Earlier this month, the analysts said bitcoin's narrative as "digital gold" is under pressure , while gold continues to attract stronger demand. They added that gold is leading the debasement trade and remains its primary beneficiary. At the time, the analysts also said they viewed $62,000 — bitcoin's estimated production cost — as a key support level for the cryptocurrency.

Bitcoin is currently trading at around $84,300, up 0.5% over the past 24 hours, according to The Block's bitcoin price page.