JPMorgan: Investors Rotate From Bitcoin to Gold & Silver — Gold Could Hit $8,500
Recent JPMorgan research highlights a clear shift in investor behavior. Bitcoin (BTC) futures are now oversold after months of persistent selling, while gold and silver futures have moved into overbought territory due to strong and rising demand. This suggests a rotation away from crypto and toward traditional safe-haven assets.
Retail investors were heavily invested in both Bitcoin and gold for most of 2025, but momentum changed around August. $BTC ETF inflows slowed and turned negative in Q4, while gold ETFs continued attracting capital, ending the year with nearly $60 billion in inflows. Silver ETFs also saw most of their demand late in 2025, precisely when Bitcoin ETFs faced withdrawals.
Institutional investors show a similar pattern. CME data indicates rising long positions in gold and silver, especially driven by hedge funds, while Bitcoin futures lag behind. Momentum indicators reinforce this divergence:
Silver futures: extremely overbought
Gold futures: overbought
Bitcoin futures: oversold
JPMorgan notes short-term risks of profit-taking in metals due to these extremes. Recent volatility supports this view, with sharp pullbacks in gold and silver, though silver still remains strongly positive on a longer-term basis.
From a liquidity perspective, Bitcoin is the most sensitive to smaller trades, followed by silver, while gold remains the most liquid and stable market.
Looking ahead, JPMorgan remains bullish on gold. With continued buying from private investors and central banks, and potential shifts from bonds into gold for risk hedging, gold allocations could rise significantly. Under this scenario, gold prices could reach $8,000–$8,500 over the coming years.
Bottom line:
Crypto selling pressure + strong precious metal demand = a clear rotation trend. Bitcoin may be oversold, but gold remains JPMorgan’s long-term winner.
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