JPMorgan analysis: Gold benefits from the crisis, Bitcoin lags
The macroeconomic turmoil of the past few months has boosted demand for safe havens.
The macroeconomic turmoil of the past few months has sparked a strong demand for safe havens. Precious metals, led by gold, have been the big winners, according to an analysis by JPMorgan. Bitcoin, by contrast, has lagged.
View post on Xthe analysts say Bitcoin has failed to profit from the flight to safety. “Despite shrinking market depth and declining liquidity, gold continues to attract capital, just like traditional safe-haven currencies such as the Swiss franc and the Japanese yen,” the report says. That inflow is visible in both ETFs and futures contracts.
Globally, listed gold funds saw a net inflow of $21.1 billion in Q1 2025. Just from China and Hong Kong, $2.3 billion flowed into gold ETFs, according to data from the World Gold Council cited in the report.
Interest in Bitcoin futures, by contrast, faded. The trend was negative for crypto funds as well: ETFs and ETPs saw three straight months of outflows, according to JPMorgan.
That development is echoed by a recent analysis from blockchain data firm CryptoQuant. Since Donald Trump announced new import tariffs, the Bitcoin price fell 16.7%. Gold moved the other way, climbing more than 12% in the same period — a new record of about $3,300 per troy ounce.
Long-term, more similarities than differences
Still, experts warn not to attach too much value to short-term moves. An analysis from Bitcoin Magazine points to a broader correlation between gold and Bitcoin when you look at the bigger picture.
“If you don’t just look at individual correlation figures, but the full data over two years, you see a clear link,” the analysts write. In the first half of 2024, both assets were broadly higher, after a jointly volatile year in 2023.
The analysts’ conclusion: “While there are short-term differences in price swings, both gold and Bitcoin offer value as tangible assets in a world where governments keep printing money.”
