BlockBeats News, March 27 — According to a recent report by CoinDesk, JPMorgan’s latest analysis indicates that while gold and silver are experiencing outflows, position unwinding, and liquidity deterioration, Bitcoin is demonstrating greater resilience than traditional safe-haven assets.
The report notes that the worsening liquidity conditions in gold have reduced its market breadth to below that of Bitcoin, reversing the typical relationship between the two. Gold has fallen approximately 15% this month, sharply retreating from its nearly $5,500 per ounce high in January. Silver has also declined significantly from its peak near $120. JPMorgan attributes this to rising interest rates, a strengthening dollar, and widespread profit-taking by retail and institutional investors.
Fund flow data reinforce this divergence. In the first three weeks of March, gold ETFs experienced nearly $11 billion in net outflows, and the white silver ETF inflows accumulated since last summer have been fully reversed. In contrast, Bitcoin ETFs continued to see net inflows during the same period.
Position data also show divergence. Institutional activity indicators based on CME futures open interest reveal that gold and silver positions surged significantly from late 2024 to early 2025 but have sharply declined since January; meanwhile, Bitcoin futures positions have remained relatively stable recently. Momentum indicators show that trend-following investors like CTAs have drastically reduced their gold and silver exposure, with related metrics dropping sharply from overbought levels. Bitcoin momentum has rebounded from oversold territory to near neutral, indicating selling pressure may be easing.
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