🛡 Bitcoin is being hedged more aggressively than gold, @jpmorgan analysts say. High short interest in @BlackRock's IBIT ETF, near its highest level this year, and an elevated put-to-call open interest ratio suggest investors remain more skeptical on $BTC than gold, despite recent ETF inflows and rising futures positioning in both assets. "This contrast suggests that #Bitcoin still faces an overall more sceptical positioning backdrop than gold, perhaps due to more elevated hedging demand," the analysts noted. If this hedging demand eases, $BTC could see more support relative to gold than the metal itself, making current positioning a potential tailwind for $BTC.