JPMorgan Observes Capital Shift from Gold to Bitcoin

JPMorgan analysts note a shift from gold to bitcoin amid Middle East tensions.

JPMorgan analysts have observed a shift in investor priorities following the escalation of conflict in the Middle East. According to their data, market participants are increasingly opting for bitcoin over gold to safeguard capital against inflation and market risks, reports The Block.

The inflow of funds into spot bitcoin-ETFs has continued for the third consecutive month. From April 30 to May 6, investors poured in $1.69 billion. Gold exchange-traded funds have yet to recover from the capital outflow in March.

The bank noted that demand for cryptocurrency is growing not only in the retail sector: institutional investors are increasing their positions through futures on the CME and offshore platforms.

An additional channel for fund inflow remains Strategy — the company is accumulating digital gold reserves faster than last year. Analysts predict that if the current pace continues, the volume of purchases could reach $30 billion by the end of the year.

Bitcoin is trading around $79,503, having lost 2% in the past 24 hours.

The price of gold stands at $4727 (+0.59% over 24 hours).

Institutions Choose Bitcoin

According to a survey by CoinShares, institutional investors have begun to invest more actively in digital assets. The first cryptocurrency remains the most attractive asset for funds — about 32% of respondents have already invested in it.

Ethereum ranks second with a figure of 25%. Analysts also noted growing interest in Solana.

The study involved 26 asset managers overseeing funds with a total volume of $1.3 trillion. The share of cryptocurrencies in their portfolios is about 1%—experts called this a “typical entry size” under current market conditions.

James Butterfill, head of research at CoinShares, explained the high interest in bitcoin by stating that investors see the greatest growth potential in it. Positive sentiment is linked to the development of spot ETFs and the easing of regulatory stances.

Institutions are gradually moving away from “old” altcoins, redirecting capital into decentralized finance protocols and new blockchain sectors. 

The main obstacles to the mass adoption of cryptocurrencies, respondents cited, are internal company restrictions and regulatory uncertainty.

Back in April, JPMorgan experts recorded a sharp decline in capital inflow into crypto assets in the first quarter of 2026.

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