Bitcoin Could Get More Support Than Gold as ETF Hedging Eases: JPMorgan
📈 JPMorgan analysts suggest Bitcoin could gain more price support than gold if ETF hedging demand decreases, with high short interest in BlackRock's iShares Bitcoin Trust (IBIT).
⚖️ The put-to-call open interest ratio for IBIT indicates heavier hedging compared to the SPDR Gold Shares ETF (GLD), despite Bitcoin facing a more skeptical market positioning.
💰 Bitcoin and gold both saw inflows following the Federal Reserve's late-July meeting, but momentum has waned recently due to rising inflation-adjusted bond yields and legislative setbacks.
📈 JPMorgan analysts suggest Bitcoin could gain more price support than gold if ETF hedging demand decreases, with high short interest in BlackRock's iShares Bitcoin Trust (IBIT).
⚖️ The put-to-call open interest ratio for IBIT indicates heavier hedging compared to the SPDR Gold Shares ETF (GLD), despite Bitcoin facing a more skeptical market positioning.
💰 Bitcoin and gold both saw inflows following the Federal Reserve's late-July meeting, but momentum has waned recently due to rising inflation-adjusted bond yields and legislative setbacks.