JPMorgan Flags Deeper Bitcoin Skepticism Than Gold

The market would reserve an unexpected paradox for bitcoin. Indeed, the distrust that still surrounds it would become a supporting factor if investors reduce their hedges. In a note, JPMorgan analysts led by Nikolaos Panigirtzoglou compared the recent dynamics of bitcoin to those of gold. Their interpretation relies on three elements: flows to ETFs, institutional positioning in futures markets, and the level of hedging around the main listed fu…