JPMorgan Chase: Bitcoin outperforms gold and silver, demonstrating resilience in fund flow and momentum Odaily Planet Daily News: JPMorgan Chase stated that gold and silver are under pressure amid ETF outflows, deteriorating liquidity, and institutional deleveraging, while Bitcoin has shown stronger resilience and relatively stable capital inflows. Gold ETFs recorded a net outflow of nearly $11 billion in the first three weeks of March, while silver related funds also experienced a significant pullback. Coupled with rising interest rates and a strengthening US dollar, this has driven down precious metal prices. At the same time, Bitcoin funds continue to maintain net inflows, and market momentum is gradually improving. In terms of price performance, Bitcoin once fell to the $60000 range with risky assets in the early stages of geopolitical conflicts, but quickly stabilized afterwards, currently fluctuating between $68000 and $70000, indicating that long-term funds have re entered to support prices after panic. In addition, there has been a differentiation between position and momentum data, with institutions' positions in gold and silver futures significantly decreasing since the beginning of the year, while Bitcoin futures positions have remained stable overall. Trend tracking funds have shifted from being overbought in precious metals to below neutral levels, exacerbating their downward pressure; Bitcoin has rebounded from the oversold range and the selling pressure has eased. The liquidity indicator shows that the breadth of the gold market has dropped below the level of Bitcoin, and the liquidity of silver has further weakened. JPMorgan Chase believes that this change highlights that Bitcoin is gradually exhibiting performance characteristics different from traditional safe haven assets in the current macro and geopolitical environment.