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.

Global investment bank Bernstein kept its forecast that bitcoin could reach $300,000 by 2029, citing concerns over a weaker dollar. It said a “debasement trade” could push investors toward scarce assets such as gold and cryptocurrencies as long-term disinflation ends and U.S. debt hits $40 trillion. Bernstein also pointed to larger U.S. Treasury bond buybacks, stronger ETF activity and geopolitical developments supporting bitcoin’s narrative.