Bitcoin remains resilient as gold and silver decline amid ETF outflows and tightening liquidity, says JPMorgan.

Bitcoin is showing greater resilience than traditional safe-haven assets, as gold and silver face mounting pressure from institutional unwinds, ETF outflows and weakening liquidity, according to a report from JPMorgan.

Analysts led by Nikolaos Panigirtzoglou noted that liquidity conditions in gold have deteriorated significantly, with market breadth now falling below that of bitcoin—a notable shift from historical norms.

In recent weeks, bitcoin has held up relatively well following the outbreak of conflict in Iran, despite undergoing a sharp correction from its October record highs. The cryptocurrency initially dropped alongside broader risk assets, briefly sliding into the low-$60,000 range and triggering widespread liquidations as investors rushed to reduce exposure amid geopolitical uncertainty.

However, the decline proved short-lived. Bitcoin has since stabilized in the high-$60,000 to low-$70,000 range, even as geopolitical tensions remain elevated and oil prices climb above $100 per barrel.

This price behavior suggests bitcoin is acting less like a traditional safe haven during the initial shock phase and more like a high-beta macro asset—selling off during panic before stabilizing as capital flows return and longer-term investors re-enter the market.

In contrast, gold has dropped დაახლოებით 15% month-to-date, reversing a crowded rally that previously pushed prices to record highs near $5,500 in January. Silver has mirrored this decline after peaking around $120. JPMorgan attributes the downturn to rising interest rates, a stronger U.S. dollar and widespread profit-taking across both retail and institutional investors.

Fund flow data supports this divergence. Gold ETFs recorded roughly $11 billion in outflows خلال the first three weeks of March, while earlier inflows into silver ETFs have been largely unwound. Bitcoin investment products, on the other hand, have continued to attract net inflows over the same period.

Positioning trends tell a similar story. JPMorgan’s measure of institutional activity, based on CME futures open interest, shows that exposure to gold and silver built up significantly through late 2025 into early 2026, only to decline sharply since January as investors reduced positions. Bitcoin futures positioning, by comparison, has remained relatively steady.

Momentum indicators also highlight the contrast. Trend-following funds such as Commodity Trading Advisors (CTAs) have rapidly cut their exposure to gold and silver, with signals shifting from overbought to below neutral—likely accelerating recent price declines. Bitcoin’s momentum, meanwhile, is recovering from oversold levels toward neutral, indicating that selling pressure may be easing.

Liquidity conditions further underscore the divergence. Gold’s market depth and participation have weakened to the point where they now lag behind bitcoin, while silver’s thinner liquidity has amplified recent price swings.

At the time of writing, bitcoin was trading near $69,000, while gold hovered around $4,450 per ounce and silver near $69 per ounce.