Bitcoin Is Starting To Outperform Gold: JPMorgan
Posted On May 15, 2025
After rising in tandem last year as hedges against currency depreciation, Bitcoin (CRYPTO: BTC) and gold are no longer moving in sync.
What Happened: According to JPMorgan, the two assets have entered a zero-sum phase in 2025, with gains in one increasingly coming at the other’s expense, The Block reported.
JPMorgan analysts, led by managing director Nikolaos Panigirtzoglou, noted a reversal in capital flows in recent months.
From mid-February to mid-April, gold outperformed while Bitcoin lagged.
But since late April, the trend has flipped: Bitcoin has climbed 18% while gold has dropped nearly 8%.
Investor flows and futures data support this divergence, with capital leaving gold ETFs and entering Bitcoin funds.
The bank’s strategists …
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