JPMorgan: BTC failed to benefit from safe-haven funds driving gold up

ChainCatcher news, according to The Block, analysts at JPMorgan have stated that safe-haven demand is driving up gold prices, while Bitcoin has failed to benefit from this.

In a report released on Wednesday, a team of analysts led by Managing Director Nikolaos Panigirtzoglou pointed out that, influenced by macroeconomic uncertainty, investors seeking safe havens are driving funds into gold exchange-traded funds (ETFs) and the futures market.

In contrast, Bitcoin has been left behind. Analysts noted that speculative interest in the Bitcoin futures market is waning, and ETFs have seen consecutive outflows.