JPMorgan says bitcoin futures oversold as silver flips overbought, sees $8,500 gold long term

JPMorgan analysts report that bitcoin futures appear oversold, contrasting with gold and silver futures which have moved into overbought territory, signaling a shift in investor preference from crypto to precious metals since August 2025. Retail investors rotated away from Bitcoin ETFs towards gold and silver ETFs in Q4 2025, a trend reinforced by institutional positioning showing increased long interest in silver futures driven by hedge funds. Momentum indicators confirm gold and silver are overbought and bitcoin is oversold, raising near-term profit-taking risks for precious metals. Despite near-term volatility concerns for silver and gold, JPMorgan remains bullish on gold long-term, suggesting that if private investor allocation to gold increases from 3% to 4.6% by replacing bond holdings, the metal could reach $8,000 to $8,500.

(Source：The Block)