BroadChain has learned that in a March 27 report, JPMorgan noted that gold and silver are facing pressure from ETF outflows, deteriorating liquidity, and institutional deleveraging. In contrast, Bitcoin has shown greater resilience with relatively stable fund inflows.
Data reveals that gold ETFs saw nearly $11 billion in net outflows in the first three weeks of March, while silver-related funds also experienced significant withdrawals. Alongside rising interest rates and a stronger U.S. dollar, these factors have weighed on precious metals prices. Meanwhile, Bitcoin funds have continued to see net inflows, with market momentum gradually improving.
In terms of price action, Bitcoin initially fell alongside risk assets to around $60,000 amid geopolitical tensions but stabilized quickly afterward. It is now trading in a range between $68,000 and $70,000, suggesting that long-term capital has returned to support prices after the initial panic subsided.
Positioning and momentum data also reflect a divergence. Institutional holdings in gold and silver futures have declined notably since the start of the year, whereas Bitcoin futures positions have remained broadly steady. Trend-following funds have moved from "overbought" levels in precious metals to below neutral, adding downward pressure. Bitcoin, on the other hand, has rebounded from oversold conditions, with selling pressure easing.
Liquidity indicators show that gold market breadth has fallen below Bitcoin’s level, while silver liquidity has weakened further. JPMorgan believes this shift underscores Bitcoin’s growing distinction from traditional safe-haven assets in the current macroeconomic and geopolitical landscape.