JPMorgan analysts, led by Nikolaos Panigirtzoglou, released a report on September 16, 2026, comparing the market positioning of Bitcoin and gold ETFs. The bank suggests that Bitcoin possesses greater upside potential due to structural market mechanics rather than fundamental asset differences.
The report highlights that short interest in BlackRock’s iShares Bitcoin Trust (IBIT) is near 2026 highs, creating conditions for a potential short squeeze. Conversely, short interest in the SPDR Gold Shares ETF (GLD) remains below its historical average.
Data shows that the put-to-call open interest ratio for IBIT is elevated compared to GLD, indicating higher demand for downside protection on Bitcoin. Analysts note that if these hedging positions are unwound, the resulting market flow would disproportionately benefit Bitcoin.
Since late July 2026, both asset classes have seen inflows, but recovery rates differ. Gold ETFs have fully recovered their 2026 outflows, while Bitcoin ETFs have recaptured only about 50% of theirs. This analysis marks a shift toward focusing on specific ETF dynamics.
