🟠 JPMorgan Says $BTC Could Outperform Gold if ETF Hedging Eases That’s the setup analysts are watching as Bitcoin ETF hedging stays elevated while gold ETF positioning looks much less defensive. 💡...JPMorgan says BlackRock’s IBIT short interest is still near this year’s highs, while GLD short interest remains below its historical average. Bitcoin ETFs have also recovered only around half of their earlier outflows, while gold ETFs have already recovered all of theirs. That’s the part worth watching. Institutional positioning remains heavy in both markets, but Bitcoin carries much more short interest and options hedging right now. If that protection starts getting unwound, JPMorgan argues $BTC could receive stronger support than gold from here. #BTC Price Analysis# #Macro Insights#