JPMorgan says bitcoin could show a relatively stronger performance than gold if downside hedging demand among bitcoin ETF investors eases. It says institutional exposure to bitcoin and gold ETFs is high, but bitcoin investors are more active in protecting against declines. Gold ETF demand recovered faster, JPMorgan says, while bitcoin ETFs recouped about half of prior outflows. It points to high short interest in BlackRock’s IBIT and options positioning as signs of defensive bitcoin positioning.

JPMorgan analysts said Hyperliquid could face pressure on its market share as regulated crypto perpetual futures platforms expand in the United States and competition intensifies in prediction markets. They cited concerns tied to decentralised platforms, including unlicensed derivatives trading and weak KYC/AML controls, as well as market manipulation, attacks, oracle errors and limited consumer protections. They also said new regulated U.S. products could shift liquidity from offshore and decentralised venues to domestic regulated exchanges.