In its latest analysis, JPMorgan highlights that recent concerns over the weakening of fiat currencies have driven investors to shift significant capital from gold to Bitcoin. The bank’s report this week notes that while Bitcoin exchange-traded funds (ETFs) have recorded net inflows for three consecutive months up to May, gold-backed ETFs have yet to recover from the outflows triggered by the Iran crisis in March.
The widening gap between gold and Bitcoin performance
During the geopolitical tensions of March, Bitcoin saw a surge of 11 percent, contrasting with a 5 percent decline in gold prices and an approximate 3 percent drop in U.S. stock markets. The May update shows that gold ETFs still have not regained the losses they suffered from February to March, signaling an ongoing structural shift in investor preferences.
The data underline rising institutional interest in Bitcoin, as evidenced by BTC’s increasing market share. The consistent inflows into Bitcoin ETFs over the past three months signal robust and sustained demand from institutional investors.
Institutional buying and the ETF factor
Institutional demand for Bitcoin has been significantly boosted by the role of the U.S.-based technology company Strategy, now renowned as the largest institutional Bitcoin holder. Operating in software and technology, the company acquired nearly $22 billion worth of Bitcoin combined in 2024 and 2025. JPMorgan forecasts that if Strategy maintains its current pace, its purchases could reach roughly $30 billion by 2026.
Since the beginning of this year alone, Strategy has bought 145,834 Bitcoins, with an average acquisition cost around $75,000. A marked acceleration in purchases was observed in April. Currently, the company holds 818,334 Bitcoins, representing a market value exceeding $65 billion.
Meanwhile, spot Bitcoin ETFs in the United States attracted approximately $1.7 billion in net inflows across the last five trading days. BlackRock’s IBIT ETF stood out in the latest session with $134.6 million in fresh investments. With these moves, the ETF market is now in its sixth consecutive week of strong inflows—a stretch of stability not witnessed since July 2025.
Recent Bitcoin ETF inflows highlight that institutional investors now see Bitcoin not as a short-term risk, but as a core long-term strategic asset.
Nick Ruck, Director, LVRG Research
According to JPMorgan’s research window, Bitcoin’s price neared $80,120. Over the last three months, BTC has climbed 26 percent, staging a rapid rebound from its February low of $62,000. CryptoAppsy data confirm that Bitcoin reached $80,120 during the analysis period.
Diverging views on Wall Street
While JPMorgan’s report presents an optimistic outlook on Bitcoin, Wall Street giant Goldman Sachs offers a different perspective. Goldman forecasts gold to climb to $5,400 per ounce by the year’s end, highlighting continued central bank demand and gold’s historically low volatility. Historically, Bitcoin has faced drawdowns exceeding 50 percent four times in recent years, whereas gold’s steepest drops have ranged between 45 and 50 percent.
JPMorgan’s volatility metrics show the gap between Bitcoin and gold narrowing to a ratio of 1.5, and the bank expects this difference to keep shrinking as institutional holdings in Bitcoin deepen.
These findings underscore the starkly opposing stances of two leading U.S. banks regarding safe-haven assets. Increased investments via ETFs indicate that the shifts in capital are now directly impacting retail investors as well. Analysts are closely monitoring whether interest in Bitcoin ETFs will persist into the year’s second half and whether gold ETFs can regain balance if geopolitical risks subside.
