JPMorgan says bitcoin shows safe-haven-like demand during Iran war as gold and silver weaken
JPMorgan analysts noted Bitcoin exhibited safe-haven demand during the Iran war while gold and silver saw significant outflows.Summary
JPMorgan analysts reported that Bitcoin demonstrated safe-haven-like demand amid the Iran war, evidenced by net inflows into its ETFs, contrasting sharply with gold and silver which experienced substantial outflows and position unwinds. Gold fell about 15% month-to-date, pressured by rising interest rates and a stronger dollar following earlier record highs that made them vulnerable to profit-taking. Crypto activity surged in Iran as citizens moved funds to self-custody wallets, highlighting Bitcoin's utility during instability. Furthermore, liquidity conditions deteriorated for gold and silver, with Bitcoin now showing better market breadth according to the Hui-Heubel ratio, suggesting a shift in investor preference toward crypto as a hedge against geopolitical stress and currency instability.
(Source：The Block)