JPMorgan: Bitcoin outperformed gold during the Iran war, exhibiting characteristics of a safe-haven asset

According to The Block, JPMorgan analysts stated that during the Iran war, btc-42">Bitcoin outperformed gold and silver, showing signs of inflows and increased activity, while precious metals faced significant outflows and position liquidations.

Analysts pointed out that gold ETFs saw outflows of nearly $11 billion, and silver ETFs have completely reversed the inflows since last summer, while Bitcoin showed net inflows during the same period, indicating its strong performance relative to traditional safe-haven assets. The analysts noted that following the outbreak of war, cryptocurrency activity in Iran surged, with local residents transferring funds from domestic exchanges to self-custody wallets and international platforms. Bitcoin's borderless nature, self-custody capability, and 24/7 trading make it the preferred tool for capital movement during times of economic instability, currency pressure, and capital controls.

In terms of institutional holdings, gold and silver futures positions have significantly decreased since January, while Bitcoin futures positions have remained relatively stable. The liquidity situation has also reversed, with Bitcoin's market breadth surpassing that of gold.