JPMorgan: Bitcoin Could Outperform Gold If ETF Hedging Eases

The framing matters more than the call: JPMorgan is treating bitcoin and gold as competing expressions of the same macro hedge, judged through ETF flow and positioning data rather than narrative. That puts the marginal allocator, not the crypto-native, at the centre of the next move — and makes ETF hedging behaviour, not spot demand, the variable to track. Whether that hedging actually unwinds is the open question; until it does, the relative trade remains a positioning story rather than a flow story.