According to Odaily Odaily, JPMorgan Chase stated that gold and silver were under pressure amid ETF outflows, deteriorating liquidity, and institutional deleveraging, while Bitcoin showed greater resilience and relatively stable inflows. Gold ETFs recorded nearly $11 billion in net outflows in the first three weeks of March, and silver-related funds also saw a significant pullback. Coupled with rising interest rates and a stronger dollar, this pushed precious metal prices lower. Meanwhile, Bitcoin funds continued to see net inflows, and market momentum gradually improved.
In terms of price performance, Bitcoin initially fell to the $60,000 range along with risk assets at the beginning of the geopolitical conflict, but then quickly stabilized and is currently fluctuating between $68,000 and $70,000, indicating that long-term funds have re-entered the market after the panic to support the price.
Furthermore, positioning and momentum data have diverged. Institutional holdings in gold and silver futures have declined significantly since the beginning of the year, while Bitcoin futures positions have remained generally stable. Trend-following funds have shifted from "overbought" to below-neutral levels in precious metals, exacerbating downward pressure; Bitcoin, on the other hand, has rebounded from oversold territory, easing selling pressure. Liquidity indicators show that gold market breadth has fallen below that of Bitcoin, while silver liquidity has weakened further. JPMorgan Chase believes this change highlights that Bitcoin, in the current macroeconomic and geopolitical environment, is gradually exhibiting performance characteristics different from traditional safe-haven assets. (CoinDesk)
