$牛来 $币安人生 $龙虾 Due to concerns over the United States' high debt levels, and expectations of ongoing depreciation of the U.S. dollar in the future, Wall Street has widely emphasized that gold will maintain a bull market trend over the long term. Although it may fall in the near term because of Federal Reserve rate hikes, its future outlook remains positive.
Morgan Stanley, in its latest research report, pointed out that Bitcoin currently has more upside than gold, and the reason is less about market enthusiasm for cryptocurrencies than about cold structural market mechanisms.
JPMorgan analyst Nikolaos Panigirtzoglou's team noted that Bitcoin's relative upside advantage is mainly reflected in two aspects. First, compared with gold ETFs, the total amount of funds recently flowing back into Bitcoin ETFs has been much smaller. More importantly, the large short positions in Bitcoin ETFs have created conditions for a potential squeeze in the future, while gold does not face this risk.
Because pessimistic, so optimistic
Since late July, both gold and Bitcoin ETFs have seen significant inflows, but the scale of those inflows has not been symmetrical. Gold ETFs have fully recouped all the outflows from 2026, while Bitcoin ETFs have only recovered about 50% of their outflows. This is also one of the reasons JPMorgan believes Bitcoin may have more room to rise than gold.
On the other hand, short positions in BlackRock's iShares Bitcoin Trust (IBIT) are near this year's high, which means many traders are shorting the fund or using it as a hedging tool. Meanwhile, short positions in the SPDR Gold Trust ETF (GLD) are below their historical average.
Compared with gold ETFs, the put-to-call open interest ratio for Bitcoin ETFs remains relatively high. This imbalance may create greater upside room for Bitcoin, because once Bitcoin begins to rise, a short squeeze could further accelerate its gains.
It is worth noting that JPMorgan's report did not provide new price targets for Bitcoin or gold. The analysis focuses on relative upside potential rather than absolute price levels.#HYPE涨超11% #NEAR涨超26%突破3.45美元 #日本央行加息至31年高位
Morgan Stanley, in its latest research report, pointed out that Bitcoin currently has more upside than gold, and the reason is less about market enthusiasm for cryptocurrencies than about cold structural market mechanisms.
JPMorgan analyst Nikolaos Panigirtzoglou's team noted that Bitcoin's relative upside advantage is mainly reflected in two aspects. First, compared with gold ETFs, the total amount of funds recently flowing back into Bitcoin ETFs has been much smaller. More importantly, the large short positions in Bitcoin ETFs have created conditions for a potential squeeze in the future, while gold does not face this risk.
Because pessimistic, so optimistic
Since late July, both gold and Bitcoin ETFs have seen significant inflows, but the scale of those inflows has not been symmetrical. Gold ETFs have fully recouped all the outflows from 2026, while Bitcoin ETFs have only recovered about 50% of their outflows. This is also one of the reasons JPMorgan believes Bitcoin may have more room to rise than gold.
On the other hand, short positions in BlackRock's iShares Bitcoin Trust (IBIT) are near this year's high, which means many traders are shorting the fund or using it as a hedging tool. Meanwhile, short positions in the SPDR Gold Trust ETF (GLD) are below their historical average.
Compared with gold ETFs, the put-to-call open interest ratio for Bitcoin ETFs remains relatively high. This imbalance may create greater upside room for Bitcoin, because once Bitcoin begins to rise, a short squeeze could further accelerate its gains.
It is worth noting that JPMorgan's report did not provide new price targets for Bitcoin or gold. The analysis focuses on relative upside potential rather than absolute price levels.#HYPE涨超11% #NEAR涨超26%突破3.45美元 #日本央行加息至31年高位
