Bitcoin (BTC) holds ground as precious metals slide on ETF outflows and liquidity strains, JPMorgan says

JPMorgan analysts report that Bitcoin is showing greater resilience than traditional safe-haven assets like gold and silver, which are suffering from outflows, positioning unwinds, and deteriorating liquidity conditions. According to the report, gold's market breadth has declined below that of Bitcoin. Bitcoin stabilized in the high-$60,000s after an initial geopolitical sell-off, suggesting it acts as a high-beta macro asset that finds support as panic subsides. Conversely, gold has fallen roughly 15% month-to-date, reversing a crowded rally, attributed to rising interest rates and a stronger dollar. Flows data confirms this divergence: Gold ETFs saw nearly $11 billion in outflows in the first three weeks of March, while Bitcoin funds continued to attract net inflows. Furthermore, momentum signals show trend-following investors aggressively reduced exposure to gold and silver, while Bitcoin's momentum is recovering.

(Source：CoinDesk)