Summary
- JP Morgan reported that gold, considered a safe-haven asset, is benefiting despite decreasing market liquidity.
- Bitcoin is not benefiting as a safe-haven asset, with net outflows for three consecutive months.
- JP Morgan pointed out that Bitcoin's volatility and its correlation with the stock market raise questions about the narrative of 'digital gold.'
Global investment bank (IB) JP Morgan pointed out that "gold and Bitcoin (BTC) are showing opposite trends."
On the 17th (local time), The Block reported that JP Morgan stated in a report that "although market liquidity is decreasing, gold continues to benefit from safe-haven demand," and "(on the other hand) Bitcoin is not benefiting from safe-haven demand."
According to the report, in the first quarter of this year, global gold exchange-traded funds (ETFs) saw a net inflow of $21.1 billion. In contrast, Bitcoin spot ETFs recorded net outflows for three consecutive months.
Meanwhile, JP Morgan also pointed out in a report earlier this month that "the volatility of Bitcoin and its correlation with the stock market raises questions about the narrative of Bitcoin as 'digital gold.'" At that time, JP Morgan suggested $62,000 as a key support level for Bitcoin's price.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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