Analysts at the banking giant JP Morgan Chase have stated that Bitcoin is no longer benefiting from the safe haven capital demand wave, while gold continues to attract capital inflows. According to their report, Bitcoin has seen three consecutive months of capital outflows from exchange-traded funds (ETFs) and a decrease in futures market interest. In contrast, gold is still benefiting from safe haven capital flows. Global gold ETFs had a net inflow of $21.1 billion in the first quarter of 2025. Analysts warned that the narrative of ‘digital gold’ is under pressure for Bitcoin. They still consider the estimated $62,000 production cost of Bitcoin as a key support level. JP Morgan stated that gold remains a primary asset that benefits from currency devaluation.
