In the latest analysis published by JPMorgan, it was noted that Bitcoin has taken a significant share of the market share of gold due to concerns about devaluation of fiat currencies among investors. In the bank’s report this week, it was stated that Bitcoin exchange-traded funds (ETFs) recorded net inflows for three consecutive months until May, while gold-backed ETFs still could not compensate for the outflows that started with the Iran crisis in March.
The gap between gold and Bitcoin performance grows
While Bitcoin rose by 11 percent during the geopolitical tensions in March, gold prices fell by 5 percent and American stock markets dropped by around 3 percent. With the May update, it seems that gold ETFs were not able to recover their losses in the February-March period. This shows that the structural change in investor preferences continues.
In particular, the increase in Bitcoin’s market share indicates that institutional investors’ interest in the market has increased. Consecutive inflows of Bitcoin ETFs reveal continued strong demand over the past three months.
Corporate purchases and ETF impact
The role of Strategy company, which stands out as the world’s largest institutional Bitcoin owner, stands out in the rapidly increasing interest of institutional investors in Bitcoin. This US-based company, which operates in the field of software and technology, purchased approximately $22 billion worth of Bitcoin in total, especially in 2024 and 2025. In the JPMorgan report, it is estimated that Strategy can purchase approximately $30 billion worth of Bitcoin in 2026 if it maintains its current accumulation pace.
The company has purchased a total of 145,834 Bitcoins since the beginning of this year, and its average cost in the market is stated to be around $ 75,000. A significant increase in the purchase rate was observed in April. Strategy currently holds 818,334 Bitcoins, and the current market value of this amount exceeds 65 billion dollars.
Spot Bitcoin ETFs in the United States attracted attention with a net inflow of approximately 1.7 billion dollars in the last five trading days. BlackRock’s IBIT ETF stood out in the last session with inflows of $134.6 million. As the ETF market enters its sixth consecutive week with these movements, such a stable entry process has been experienced for the first time since July 2025.
Recent Bitcoin ETF inflows show that Bitcoin is cementing its place in the eyes of institutional investors as a long-term strategic asset rather than a short-term risk.
Nick Ruck, director of LVRG Research
During the period analyzed by JPMorgan, the price of Bitcoin approached the level of approximately $80,120. The cryptocurrency, which has risen 26 percent in the last three months, also showed a rapid recovery from the bottom of $ 62,000 in February. CryptoAppsy According to data, Bitcoin price reached $ 80,120 during the analysis period.
Different approaches on Wall Street
In response to the positive outlook emphasized by JPMorgan regarding Bitcoin, Goldman Sachs, one of the giants of Wall Street, adopts a different view. Goldman Sachs predicts that the gold price will rise to $ 5,400 per ounce by the end of the year and draws attention to the demand of central banks and the low volatility of gold. Historically speaking; While Bitcoin has fallen by more than 50 percent four times in recent years, the biggest losses in gold have occurred in the range of 45-50 percent.
According to the volatility rate comparison made by JPMorgan, the volatility rate between Bitcoin and gold has decreased to 1.5, and the institution thinks that this difference may narrow further with the deepening of institutional ownership.
These data indicate that two leading US banks took diametrically opposed positions on the same hedging instrument. The increase in investments, especially through ETFs, shows that the process directly affects small investors. Analysts are closely monitoring whether interest in Bitcoin ETFs will continue in the second half of the year and whether balance can be achieved in gold ETFs if geopolitical risks decrease.
