According to The Block report, JPMorgan analysts say that safe-haven demand is driving up gold prices, but Bitcoin has failed to benefit from the same buying pressure.
In a report provided to The Block on Wednesday, a team of analysts led by JPMorgan Managing Director Nikolaos Panigirtzoglou stated that gold is attracting inflows from exchange-traded funds (ETFs) and futures investors as investors seek safe-haven assets amid macroeconomic uncertainty. In contrast, Bitcoin is lagging behind, with speculative interest in the futures market declining and ETFs experiencing outflows for three consecutive months.
JPMorgan analysts wrote:
According to data cited in the report from the World Gold Council, global gold ETFs recorded net inflows of $21.1 billion in the first quarter of 2025, with ETFs in China and Hong Kong accounting for $2.3 billion. Analysts noted that these inflows represent approximately 6% of the total assets under management of global gold ETFs, while gold ETFs in China/Hong Kong account for 16%, highlighting the stronger growth in demand for gold in that region. Furthermore, analysts indicated that speculative buying interest in gold futures has also increased since February.
In contrast, Bitcoin has not shared in such inflows, the analysts concluded: “Therefore, Bitcoin has failed to benefit from the ongoing safe-haven flows supporting gold.”
According to data from TradingView, spot gold prices have risen about 27% since the beginning of this year, breaking through $3,300 per ounce this week and continuously setting new historical highs. In contrast, Bitcoin experienced a downward trend for nearly three months after reaching a new high of over $109,000 on the day of U.S. President Trump’s inauguration in January, at one point falling below $75,000, with a maximum decline of about 31%.
Bitcoin has rebounded in the last two weeks, with its trading price at $84,762 as of the time of this article’s publication.
Related reports: “Tariff concerns trigger safe-haven trading, tokenized gold market value surpasses $2 billion.”
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