JPMorgan: Bitcoin shows greater resilience as gold and silver come under pressure

Goldmoney reports that on March 27, JPMorgan released a new report indicating that while gold and silver are experiencing outflows, position unwinding, and deteriorating liquidity, Bitcoin is showing greater resilience than traditional safe-haven assets.
The report states that the worsening liquidity conditions in gold have reduced its market breadth to below that of Bitcoin, reversing the typical relationship between the two. Gold has fallen approximately 15% this month, sharply retreating from its nearly $5,500 per ounce high in January; silver has also declined significantly from its peak near $120. JPMorgan attributes this to rising interest rates, a strengthening dollar, and widespread profit-taking by retail and institutional investors.
Fund flow data reinforce this divergence. In the first three weeks of March, gold ETFs experienced net outflows of nearly $11 billion, and the net inflows into silver ETFs accumulated since last summer have been fully reversed. In contrast, Bitcoin ETFs continued to see net inflows during the same period.
Position data also show divergence. Based on CME futures open interest as an indicator of institutional activity, gold and silver positions sharply declined from substantial accumulation at the end of 2025 to early 2026, starting in January; meanwhile, Bitcoin futures positions have remained relatively stable recently. In terms of momentum indicators, trend-following investors such as CTAs have significantly reduced their gold and silver exposure, with related indicators dropping sharply from overbought levels; Bitcoin momentum has rebounded from oversold territory to near neutral, indicating selling pressure may be easing.