JPMorgan Chase: Bitcoin outperforms gold and silver, demonstrating resilience in fund flows and momentum.

JPMorgan Chase stated that amid ETF outflows, deteriorating liquidity, and institutional deleveraging, gold and silver were under pressure, while Bitcoin demonstrated greater resilience and relatively stable inflows. Gold ETFs recorded nearly $11 billion in net outflows in the first three weeks of March, and silver-related funds also saw a significant pullback. Coupled with rising interest rates and a stronger dollar, this pushed precious metal prices lower. Meanwhile, Bitcoin funds maintained net inflows, and market momentum gradually improved. In terms of price performance, Bitcoin initially fell to the $60,000 range along with risk assets during the initial stages of geopolitical conflict, but subsequently stabilized quickly, currently fluctuating between $68,000 and $70,000, indicating that long-term funds re-entered the market after the initial panic, supporting prices. Furthermore, positioning and momentum data also showed divergence. Institutional holdings in gold and silver futures have decreased significantly since the beginning of the year, while Bitcoin futures holdings have remained generally stable. Trend-following funds have shifted from "overbought" to below-neutral levels for precious metals, exacerbating downward pressure; Bitcoin, on the other hand, has rebounded from oversold territory, with selling pressure easing. Liquidity indicators show that gold market breadth has fallen below that of Bitcoin, while silver liquidity has weakened further. JPMorgan Chase believes this change highlights that Bitcoin, in the current macroeconomic and geopolitical environment, is gradually exhibiting performance characteristics different from traditional safe-haven assets. (CoinDesk)