#BTCBackAbove80K

Investors are increasingly choosing Bitcoin over gold for hedging risks related to the weakening of national currencies and geopolitics. This conclusion was reached by analysts at the investment bank JPMorgan, who studied the inflows into exchange-traded funds (ETFs) based on the main cryptocurrency and precious metal. The bank's experts noted a stark divergence in the dynamics of the two protective assets, where retail traders are more and more choosing Bitcoin.
In recent years, many crypto investors have promoted the thesis of "digital gold," which states that Bitcoin acts as a safe haven asset during crises. Mainly, parallels with gold are drawn because of the scarcity of both assets. Bitcoin supporters also note that gold cannot be transferred and stored as easily as Bitcoin. However, there is no direct price correlation between the asset prices, and analysts increasingly point out the similarity of Bitcoin's price with that of technology stocks.
May became the third consecutive month when spot Bitcoin ETFs record steady inflows of funds. Meanwhile, gold ETFs, on the contrary, still see capital outflows that began in March amid escalating conflict in the Middle East.
Since March, the inflow dynamics in ETFs have also correlated with price movements: Bitcoin has risen approximately 35% relative to gold by early May. But even under these conditions, gold has shown better percentage growth since the beginning of the year — by May 8, the figure was nearly 10%, reaching $4,700 per ounce. The price of Bitcoin over the same period decreased by about 9%, to $80,000.
"This indicates that retail investors are choosing Bitcoin over gold as a 'debasement trade' [or a bet on the devaluation of national currencies] since the start of the conflict in the Middle East. There is a rotation of funds from gold into Bitcoin," noted the analysts at the Investment Bank.
But JPMorgan experts also pointed to institutional demand for Bitcoin. Based on data from the Chicago Mercantile Exchange (CME) Bitcoin futures market and offshore exchanges outside the US, they observed signs of a significant increase in interest from institutional market participants. Another channel of institutional demand cited by analysts is the company Strategy (formerly MicroStrategy) led by Michael Saylor.
"Strategy remains the largest corporate holder of Bitcoin in the world and is increasing its purchase pace this year," the report states.
The Investment Bank speculated that if the current pace of Bitcoin purchases continues, Strategy could reach purchase volumes of about $30 billion by the end of the year. As of early May, the total amount of Bitcoin they acquired since the beginning of the year exceeded $11 billion, or nearly 146,000 coins.
However, Strategy itself is not as optimistic about the remaining months of 2026. After the company's financial report for the first quarter showed a loss of $12.5 billion, Michael Saylor allowed the possibility of selling Bitcoin to cover obligations to investors. Meanwhile, at the end of 2025, company executives formed a cash reserve, which, according to their assurances, was meant to cover obligations for 2.5 years.