According to ChainCatcher, citing The Block, JPMorgan analysts stated that Bitcoin outperformed gold and silver during the Iran war, showing signs of capital inflows and increased activity, while precious metals experienced significant capital outflows and position liquidations.
Analysts point out that gold ETFs saw outflows of nearly $11 billion, and silver ETFs have reversed all inflows since last summer, while Bitcoin saw net inflows during the same period, demonstrating its strong performance relative to traditional safe-haven assets. Analysts say that the surge in crypto activity in Iran following the outbreak of war saw local residents transferring funds from domestic exchanges to self-custodied wallets and international platforms. Bitcoin's borderless nature, self-custodial capabilities, and 24-hour trading make it a preferred tool for capital flows during periods of economic instability, monetary pressure, and capital controls.
In terms of institutional holdings, gold and silver futures positions have declined sharply since January, while Bitcoin futures positions have remained relatively stable. Liquidity conditions have also reversed, with Bitcoin's market reach now surpassing that of gold.
