The ascent of bitcoin seems to mark a break. Faced with the rise of gold, more and more analysts are indeed questioning the place of the BTC as a refuge value. The data provided by JPMorgan analysts are particularly interesting.
Bitcoin loses ground against gold in the financial markets
The story of BTC as a digitalist today undergoes a setback. According to JPMorgan, investors are indeed meeting their strategies for inflation and economic instability. Result ? The flows leave the Bitcoin ETF to redirect themselves massively to those backed by gold.
The precious metal has just crossed the $ 3,100 ace mark. It even attracts more than $ 9,000 billion in allowance. Digital active ingredients are suffering from their volatility. In this sense, the JPMorgan analysts said:
“The correlation of bitcoin with technological actions calls into question its role of refuge value. »»
Worse still! The central banks themselves contribute to this golden momentum. The report mentions that $ 4,000 billion in gold are held by these institutions, against only $ 5,000 billion in Gold on the private investor side. Bitcoin suffers from a sub-performance since the beginning of 2025.
Could the cost of production of the BTC become its floor?
Certainly, confidence seems shaken. Nevertheless, Bitcoin still retains a major asset: its production cost. Cryptography experts currently estimate it at $ 62,000. According to JPMorgan analysts, this level acts as Empirical support.
That said, this value remains fragile. The fact is that Bitcoin ETF has recorded considerable net outings since January. At the same time, the positions on term contracts have become negative. This reflects a gradual disengagement of Crypto investors.
THE Bitcoin challenge is therefore double:
- Find its credibility as a refuge value;
- Distinguish from an ever more marked technological correlation.
One thing is nevertheless safe: Bitcoin is currently vacillating under the pressure of gold, boosted by institutional flows. It remains to be seen if the most famous cryptocurrencies will manage to reverse the trend in the months to come!
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