JPMorgan’s latest cross-asset report finds Bitcoin holding steady near $69,000 while gold and silver continue their decline amid recently heightened global market volatility. The international investment bank—headquartered in New York and often recognized as one of the world’s largest financial firms—analyzes shifting investor behavior and positioning between top digital and traditional safe-haven assets. According to the assessment, both ETF flows and liquidity conditions played key roles in the contrasting paths seen in Bitcoin and precious metals in recent weeks.
Bitcoin Outperforms Traditional Safe-Haven Assets
Amid recent geopolitical tensions and a sharp sell-off that rattled markets, Bitcoin demonstrated a much stronger recovery compared to gold and silver. The cryptocurrency briefly tumbled into the low $60,000s during the onset of the Iran crisis, but swiftly regained footing, trading around $69,000 by the time of the report’s release. JPMorgan’s insight pointed out that Bitcoin’s market breadth and liquidity surpassed that of gold for the period in question, a shift from the long-standing pattern where precious metals were considered the top safe-haven option during market shocks.
Liquidity And ETF Flows Drive Precious Metals Lower
While Bitcoin futures contracts on the Chicago Mercantile Exchange remained steady, both gold and silver futures experienced notable declines from earlier peaks. Gold’s price saw a roughly 15% drop month to date, moving down from record highs observed near $5,500 in January. Silver, which reached nearly $120 earlier in the year, also gave back gains and slid to lower levels. JPMorgan attributed these moves to rising U.S. interest rates, a stronger dollar, and investors shifting out of precious metals amid broad profit-taking.
ETF data further reinforces this trend. Gold ETFs recorded outflows approaching $11 billion during the first three weeks of March, marking a decisive change in allocation from retail and institutional investors. Silver ETFs, which had posted consistent inflows since summer 2023, saw this momentum reverse sharply within the same period. Meanwhile, Bitcoin funds reported ongoing net inflows, indicating continued appetite for digital assets even as traditional metals faced outflows.
JPMorgan’s report explained that trend-following investors pulled back from gold and silver as technical indicators transitioned from overbought to below-neutral territory. This move intensified the pressure on prices and resulted in reduced liquidity for both metals. The analysis noted that gold’s market breadth has now fallen below that of Bitcoin—a remarkable reversal that has not been common in recent years. Silver’s liquidity also weakened, amplifying its price fluctuations as market depth thinned.
At the time of analysis, gold traded near $4,450 per ounce, and silver hovered around $69. Both metals had retreated notably from their 2024 highs. In contrast, Bitcoin remained firm close to $69,000, cushioning the overall crypto market leadership position.
JPMorgan’s evaluation points to ongoing cross-asset adjustments driven by changes in geopolitical risk, oil prices above $100 per barrel, and renewed scrutiny on the traditional safe-haven role of metals. The results suggest that liquidity and investor positioning have begun favoring digital assets, at least for the short term, over longstanding hedges like gold and silver.
JPMorgan highlighted, “The deterioration in liquidity conditions in gold has seen its market breadth decline below that of bitcoin currently.”
This observation reflects a broader pattern where market structure and capital flows now increasingly impact how investors respond to episodes of global stress, potentially altering the established roles of both digital and physical store-of-value assets.
