SoSoValue

JPMorgan

Gold

Analysts at JPMorgan Chase, the world's largest bank in terms of market capitalization, <a href="https://www.theblock.co/post/400486/jpmorgan-bitcoin-over-gold-debasement-trade-iran-conflict" rel="noopener noreferrer nofollow">said that</a> Bitcoin (BTC) is gaining over <a href="https://www.thestreet.com/crypto/tag/gold" rel="noopener noreferrer nofollow">gold</a>&nbsp;as the debasement trade after the war between the United States and Iran.
The indicator the analysts picked to make the argument is exchange-traded funds (ETFs). As per them, Bitcoin ETFs have continued to witness inflows, but gold ETFs still can't recover from the March outflows.
<figure><a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow"></a>
 <figcaption>
 Total Bitcoin Spot ETF Weekly Net Inflow, Source: SoSoValue
 </figcaption>
</figure>
<a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">As per SoSoValue</a>, only one week toward the end of March suffered a net outflow.
Though the weekly inflows have often dipped since the beginning of the war, the recent weeks have seen relatively better performances.
<a href="https://www.thestreet.com/crypto/markets/another-crypto-company-dumps-bitcoin-amid-price-crash" rel="noopener noreferrer nofollow">Related: Another crypto company dumps Bitcoin amid price crash</a>
<h2 id="retail-and-institutional-buying-of-bitcoin">Retail and institutional buying of Bitcoin</h2>
The&nbsp;JPMorgan&nbsp;analysts concluded that data suggests the retail investors are picking Bitcoin over gold as a "debasement trade" since the beginning of the Iran war.
Moreover, the demand for Bitcoin isn't limited to retail ETF buying but institutional buying through CME futures and&nbsp;offshore perpetual futures has also been hitting new records, the analysts underlined.
The analysts also added that Bitcoin’s market momentum has been better than gold since the Iran war.
They also underlined the role of digital asset treasuries (DATs) like <a href="https://www.thestreet.com/crypto/markets/michael-saylors-strategy-reports-12-54b-net-loss-in-q1" rel="noopener noreferrer nofollow">Michael Saylor's Strategy</a> (Nasdaq: MSTR),&nbsp;whose ownership is almost equally split between retail and institutional investors,&nbsp;in "indirectly" purchasing Bitcoin.
However, the quarterly losses have prompted Strategy to even <a href="https://www.thestreet.com/crypto/markets/michael-saylor-finally-wants-to-sell-bitcoin" rel="noopener noreferrer nofollow">consider selling</a> Bitcoin.
<h3 id="trending-on-thestreet-roundtable">Trending on TheStreet Roundtable:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/another-crypto-company-dumps-bitcoin-amid-price-crash" rel="noopener noreferrer nofollow">Another crypto company dumps Bitcoin amid price crash</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/microstrategy-director-sells-company-shares-ahead-of-earnings" rel="noopener noreferrer nofollow">MicroStrategy director sells company shares ahead of earnings</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/analyst-predicts-35-upside-for-dorseys-block-ahead-of-earnings" rel="noopener noreferrer nofollow">Analyst predicts 35% upside for Dorsey's Block ahead of earnings</a></li>
</ul>
<h2 id="gold-and-bitcoin-prices">Gold and Bitcoin prices</h2>
Since the war began on Feb. 28, gold's price has declined from nearly $5,300 per ounce to a little below $4,700 per ounce currently.
On the other hand, Bitcoin's price has risen from around $65,000 to nearly $80,000 now during the same period.
<a href="https://www.thestreet.com/crypto/markets/arthur-hayes-sets-fresh-bitcoin-target-after-calling-market-bottom" rel="noopener noreferrer nofollow">Related: Billionaire investor predicts $1M for Bitcoin after calling market bottom</a>

JPMorgan has a blunt new message for gold investors

Table of Contents

TheStreet Roundtable

Other articles published on May 8, 2026

Join our free newsletter for daily crypto updates!