JPMorgan: Bitcoin Shows Safe-Haven Attributes During Iran Conflict, Outperforming Gold and Silver

According to JPMorgan, against the backdrop of the recent Iran conflict, Bitcoin has exhibited characteristics akin to a safe-haven asset, demonstrating greater resilience compared to gold and silver.

Data shows that since March, the price of gold has fallen by approximately 15%, while gold ETFs have seen nearly $11 billion in outflows. The cumulative inflows into silver ETFs have also been almost completely reversed. In contrast, Bitcoin has experienced net inflows during the same period, indicating relative strength.

Analysis points out that gold and silver were already at elevated levels. With rising interest rates and a strengthening US dollar, the market has seen profit-taking and position unwinding. Bitcoin, however, has attracted capital inflows during this phase, exhibiting fund flow behavior different from traditional safe-haven assets.

Furthermore, on-chain data indicates that cryptocurrency activity in the Iran region has increased significantly during the conflict, with users transferring funds to self-custody wallets and overseas platforms. JPMorgan believes that Bitcoin's characteristics, such as strong cross-border liquidity, support for self-custody, and 24/7 trading, make it an important tool for capital transfer in environments of economic instability and capital controls.