JPMorgan analysis has found that bitcoin has emerged as a leading store-of-value asset, overtaking gold after instability in Iran.

CoinPost, a blockchain media outlet, reported on Thursday that JPMorgan said in a recent report that bitcoin is showing a stronger trend than gold and has become the core asset in the “debasement trade.”

The debasement trade refers to investors buying alternative assets such as gold or cryptocurrencies to hedge against a decline in the value of fiat currencies. JPMorgan has also previously focused on differences in fund flows between spot bitcoin exchange-traded funds and spot gold ETFs when tensions in Iran flared in March.

This time, spot ETF fund flows were presented as the key basis. JPMorgan pointed out that spot bitcoin ETFs recorded net inflows for three consecutive months through May, while spot gold ETFs have yet to recover outflows seen when tensions in Iran emerged in March. It also said bitcoin is becoming the leading store-of-value asset, surpassing gold.

Institutional investor positioning is also tilting toward bitcoin. A JPMorgan analysis team led by Nikolaos Panigirtzoglou said its own estimate, calculated using open interest data for Chicago Mercantile Exchange bitcoin futures and offshore perpetual futures, set a new record high. Momentum trader indicators also rebounded in bitcoin after the Iran situation.

Strategy’s aggressive buying was also cited as a key factor on the supply-and-demand side. Strategy, led by Michael Saylor, bought an additional 145,834 BTC this year. JPMorgan estimated the current pace of purchases could reach about $30 billion on an annual basis. That is above the roughly $22 billion recorded in 2024 and 2025, respectively.

The market is also paying attention to Strategy’s buying. TD Cowen raised Strategy’s target price this week to $395 from $385. Strategy reflected $14.4 billion in valuation losses in its 2026 first-quarter results due to a sharp fall in the bitcoin price, but those had turned into valuation gains as of May.

The factors to watch ahead are clear. Key variables include whether net inflows into spot bitcoin ETFs continue, when spot gold ETF funds recover, and whether Strategy maintains its buying pace. The report also cited market focus on the possibility that Strategy could sell its bitcoin holdings to fund dividends for STRC perpetual preferred shares, and on shifts in institutional investor positions.

Ultimately, the report focused on the view that, after recent geopolitical factors, safe-haven demand is not staying only in gold and is moving into bitcoin. JPMorgan’s assessment was that ETF fund flows, futures positioning and Strategy’s large-scale buying are all pointing toward bitcoin.