Bitcoin Overtakes Gold in Safe-Haven Liquidity for First Time, JPMorgan Says

JPMorgan says gold's market liquidity has slipped below bitcoin's for the first time, as ETF outflows and rapid position unwinds hit precious metals amid the Iran conflict. Gold is down about 15% this month after reaching record highs near $5,500 in January, with silver performing even worse. Bitcoin ($BTC) has steadied in the $68–72K range following an initial selloff. The bank points to continued net ETF inflows and improving momentum, rebounding from oversold levels toward neutral. Since the war began on February 28, the gold ETF GLD has seen roughly a 2.7% reduction in assets under management, while the bitcoin ETF IBIT has taken in about 1.5% in net inflows. JPMorgan adds that trend-following funds have sharply cut gold and silver exposure, while positioning in bitcoin futures has remained relatively stable.