JPMorgan: Bitcoin Outperformed Gold During the Iran Conflict, Demonstrating Safe-Haven Characteristics

According to ChainCatcher, citing The Block, J.P. Morgan analysts noted that during the Iran conflict, Bitcoin outperformed gold and silver, showing signs of capital inflows and increased activity, while precious metals experienced significant capital outflows and position unwinding. The analysts highlighted that gold ETFs saw nearly $11 billion in outflows, and all net inflows into silver ETFs since last summer have been reversed, whereas Bitcoin recorded net inflows during the same period, demonstrating its relative strength compared to traditional safe-haven assets. They added that cryptocurrency activity in Iran surged after the outbreak of war, with local residents shifting funds from domestic exchanges to self-custody wallets and international platforms. Bitcoin’s borderless nature, self-custody capabilities, and 24/7 trading make it the preferred tool for capital movement during periods of economic instability, monetary pressure, and capital controls. On the institutional side, futures positions in gold and silver have declined sharply since January, while Bitcoin futures positions remained relatively stable. Liquidity conditions have also reversed, with Bitcoin’s market breadth now surpassing that of gold.