JPMorgan Report Finds Bitcoin Outperforming Gold and Silver on Multiple Metrics

A recent report by JPMorgan Chase highlights an unusual trend in the cryptocurrency market, where Bitcoin is outperforming gold and silver in terms of capital flows, momentum, and market breadth.

The report, led by Nikolaos Panigirtzoglou, found that gold's liquidity conditions have deteriorated sharply during the March 2026 sell-off, leading to a decline in its market breadth below Bitcoin's. This is an unusual reversal, as gold has historically been the more liquid and widely held asset.

The report also notes that gold ETFs saw nearly $11 billion in net outflows during the first three weeks of March 2026, while Bitcoin funds continued to attract net inflows. This divergence suggests that institutional investors are actively allocating capital towards Bitcoin and away from gold.