JPMorgan: Bitcoin shows safe-haven properties during the Iran conflict, stronger than gold and silver
JPMorgan stated that in the recent context of the Iran conflict, btc-42">Bitcoin has exhibited characteristics similar to safe-haven assets, showing greater resilience compared to gold and silver. Data shows that gold prices have fallen by about 15%, while gold ETFs have seen nearly $11 billion in outflows, and the inflows previously accumulated in silver ETFs have essentially been completely reversed. In contrast, Bitcoin has experienced net inflows during the same period, indicating relative strength.
Analysis points out that gold and silver were previously at high levels, and with rising interest rates and a strengthening dollar, the market has seen profit-taking and position reductions. Meanwhile, Bitcoin has attracted inflows during this phase, demonstrating a different funding behavior compared to traditional safe-haven assets. Additionally, on-chain data shows that cryptocurrency activity in the Iran region has significantly increased during the conflict, with users transferring funds to self-custody wallets and overseas platforms. JPMorgan believes that Bitcoin's characteristics of 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.
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