While US President Donald Trump’s tariff announcements and the ongoing tariff tension between China and the US brought gold to the forefront, Bitcoin lagged behind.
While gold has attracted a lot of attention due to its safe-haven narrative amid the ongoing economic uncertainty, JPMorgan said that gold saw strong inflows as Bitcoin lagged behind amid risk-off sentiment.
According to The Block, JPMorgan analysts stated that gold is benefiting from safe haven demand, while Bitcoin continues to lag behind.
Analysts noted in a recent report that strong inflows driven by macroeconomic uncertainty have been seen in both gold ETFs and futures markets.
In contrast, Bitcoin is seeing the opposite trend. Analysts have stated that interest in BTC futures has fallen and there has been an outflow from ETFs for three months.
“While the increasing safe haven demand in the macroeconomic environment is pushing gold higher, Bitcoin is failing to benefit from this support,” analysts led by Nikolaos Panigirtzoglou said.
Citing World Gold Council data, analysts stated that global gold ETFs recorded a net inflow of $21.1 billion in the first quarter of 2025, $2.3 billion of which came from China and Hong Kong ETFs alone.
Analysts have previously said in their reports that Bitcoin’s “digital gold” narrative is under pressure and that gold is attracting stronger demand than BTC.
*This is not investment advice.
