JPMorgan said in a March 12 investor note that the Iran war triggered a sharp divergence in Bitcoin and gold ETF fund flows.
The largest gold ETF, SPDR Gold Shares, lost about 2.7% of assets while BlackRock's iShares Bitcoin Trust gained about 1.5% since the Feb. 27 strikes.
Hedge funds remain cautious on Bitcoin, with rising short interest in IBIT, even as the bank says Bitcoin's volatility is compressing and its market structure is maturing.