BlackRock’s iShares Bitcoin Trust ETF, IBIT, rose more than 5 percent in daily trading and outpaced the SPDR Gold Shares ETF, GLD, in both trading volume and gains. IBIT posted $1.56 billion in turnover, ranking fifth among ETFs, while GLD recorded $907.64 million and ranked ninth. IBIT traded around $45.81 to $45.86, while GLD was near $398.96 with a 0.15 percent rise.

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.