JPMorgan says bitcoin outperforms gold and silver amid Iran war

JPMorgan sees an unusual split after the Iran war. Bitcoin shows safe‑haven demand. Gold and silver weaken on outflows and thin liquidity.

The bank says gold fell about 15% this month, with nearly $11B leaving gold ETFs in the first three weeks of March. Silver ETF inflows built since last summer have reversed. Source: JPMorgan report summary.

Crypto flows diverged. Bitcoin funds kept posting net inflows over the same stretch. Source: NewsBTC on Bitcoin ETF inflows.

Positioning shifted. CME data show a sharp drop in gold and silver exposure since January. Bitcoin futures holdings stayed comparatively stable in recent weeks. Source: JPMorgan report summary.

Price action was two‑phase. Bitcoin sold off with risk at the outbreak, then recovered as flows returned. Gold and silver kept losing support. Source: NewsBTC on relative performance.

“Liquidity conditions in gold” worsened. “Its market breadth [fell] below that of bitcoin currently,” the bank wrote. Source: NewsBTC on breadth and liquidity.

JPMorgan links the resilience to crypto’s utility under stress. “The surge in Iran’s crypto activity highlights the role of cryptocurrencies as a safe haven asset” amid instability, citing Chainalysis data on transfers to self‑custody and offshore platforms. Source: JPMorgan report summary.

Momentum flipped. Bitcoin’s oversold readings moved back toward neutral. Gold and silver swung from overbought to below neutral as liquidations accelerated. Source: NewsBTC on momentum.