- JPMorgan says Bitcoin could see stronger ETF demand than gold if investors unwind heavy hedges.
- Gold ETFs have recovered all their 2026 outflows, while Bitcoin ETFs have recovered around half.
- IBIT has high short interest and a higher put-to-call ratio than GLD, pointing to heavier defensive positioning.
- US Bitcoin ETFs saw US$159.5 million in net inflows on September 17, with IBIT accounting for US$183.7 million.
Investors seem more nervous about Bitcoin than gold right now, and JPMorgan says that’s precisely why Bitcoin has further to climb.
In a note dated September 17, analysts led by Nikolaos Panigirtzoglou pointed to a gap in how the two ETF markets have recovered since the debasement trade returned in late July. Gold ETFs have clawed back all of their 2026 outflows; Bitcoin ETFs have only recovered about half of theirs. That’s despite both assets initially catching the same wave of inflows, before rising real yields and the Senate’s failure to advance the Clarity Act cooled the trade.
The bank’s case rests on positioning, not fundamentals.
Short interest in BlackRock’s IBIT is sitting near its 2026 high, while short interest in GLD is below its historical average. IBIT’s put-to-call ratio is also running well above GLD’s, suggesting traders are taking more downside protection on Bitcoin than on gold.
JPMorgan seems to argue that more hedges mean more potential buying if those hedges get unwound, giving Bitcoin more fuel for a squeeze than gold if sentiment turns.
Read more: SEC and CFTC Signal Crypto Rulemaking Push After Clarity Act Stalls
ETF Flows Reverse, For Now
The shift comes as institutional demand for Bitcoin ETFs has already started to show signs of returning. US spot Bitcoin ETFs recorded US$159.5 million (AU$223.6 million) in net inflows on Thursday, 17 September, reversing net outflows over the previous two days, when US$746.3 million (AU$1.04 billion) left the funds.
IBIT, the largest Bitcoin ETF, saw US$183.7 million (AU$257.6 million) in net inflows on Thursday, while other funds recorded either zero or negative flows.
As of 17 September, all US Bitcoin ETFs held 1.2 million BTC, representing 5.99% of Bitcoin’s 21 million maximum supply, with those holdings valued at US$97.3 billion (AU$136.5 billion).
Meanwhile, the Fear and Greed Index has moved into Greed territory as the crypto market’s total market cap rose 1.94% to US$2.65 trillion (AU$3.71 trillion). Bitcoin is up 1.4% over the past 24 hours, trading at US$77,369 (AU$108,503).
Read also: Zcash Holders Vote for Faster Blocks and Existing Halving Schedule
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