Gold Gains Safe Haven Appeal While Bitcoin Lags Behind
Gold is enjoying renewed demand as global investors seek safety in uncertain times. According to JPMorgan analysts, the precious metal is seeing strong inflows across both ETFs and futures markets.
Nikolaos Panigirtzoglou, JPMorgan’s managing director, led the team behind the report shared with The Block. He noted that gold is acting like other traditional safe-haven assets, such as the Swiss franc and Japanese yen.
“Gold continues to attract capital despite weak liquidity and market breadth,” the analysts wrote.
Bitcoin Sees Outflows and Fading Speculation
Bitcoin, by contrast, is missing out on the flight to safety. The report points to a sharp decline in speculative futures activity and three straight months of outflows from Bitcoin ETFs.
This trend suggests that, while gold gains trust in uncertain conditions, Bitcoin is losing momentum among both institutional and retail investors.
China and Hong Kong Fuel Gold ETF Growth
Data from the World Gold Council backs up this trend. Global gold ETFs pulled in $21.1 billion during Q1 2025. Notably, $2.3 billion came from ETFs in China and Hong Kong.
That means China/HK inflows made up 16% of local gold ETF AUM, while global averages sat at just 6%. JPMorgan analysts say this shows stronger appetite for gold in Asian markets.
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