Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
- Gold exchange-traded funds recouped100% of their cumulative capital outflowsduring2026, whereas spot<a href="https://xpertsstudio.com/fidelity-fbtc-16-6m-bitcoin-etf-outflow/” title=”Fidelity FBTC: $16.6M Bitcoin ETF Outflow”>Bitcoin ETFsrecovered approximately50%.
- Short interest on BlackRock’siShares Bitcoin Trust (IBIT)is trading near itshighest levels recorded during 2026.
- Theput-to-call open interest ratioonIBIT optionsremains above the historical average of equivalent instruments such as theSPDR Gold Shares (GLD).
Financial firmJPMorgananticipates that in the coming monthsBitcoinwill outperformgoldin relative performance if institutional investors begin unwinding their defensive hedges in exchange-traded funds, according to a report published onThursday, September 17, 2026.
INTEL: JPMorgan says Bitcoin could gain more support than gold as ETF hedging eases
— Solid Intel 📡 (@solidintel_x) September 17, 2026
Analysts from the entity pointed out that institutional exposure across both assets increased following the Federal Reserve’s July meeting. Nonetheless, the behavior of derivatives positions reflects a marked disparity between both markets.
Net flows into exchange-traded vehicles indicate thatgoldhas led institutional recovery throughout the year. According to theJPMorganreport, recent inflows into ETFs tied to the precious metal erased all prior capital losses from2026. Meanwhile,Bitcoin-backed instrumentshave only offset half of the redemptions incurred over the same period.
Despite this gap in net flow figures,JPMorgananalysts argue that the underlying derivatives metrics present a different scenario. According to data from the team led byNikolaos Panigirtzoglou, crypto market participants maintain elevated levels of downside protection through options contracts.
Short interest registered on BlackRock’sIBITfund remains near its annual ceiling inSeptember 2026. In contrast, short interest on theSPDR Gold Shares (GLD)ETF currently sits below its historical average. This divergence confirms that institutional traders are assigning a decidedly defensive bias toward the cryptocurrency relative to the yellow metal.
Options market data reinforces this statistical asymmetry. Theput-to-call ratioonIBITdemonstrates higher demand for put contracts to protect spot positions. According to the financial firm’s analysis, an easing of these hedges could unleash outright spot buying and upward pressure on the relative price ofBitcoinagainstgold.
Disparity in Institutional Hedges and Regulatory Factors
The bank’s stance has evolved gradually throughout the current financial year. In earlyFebruary 2026, the firm estimated the average production cost ofBitcoinat$77,000, after kicking off the annual cycle at$90,000.
Later, inJune 2026, analysts observed that the market price lingered for five consecutive months below this estimated extraction cost. According toJPMorgan’slong-term volatility-adjusted projections, the theoretical valuation of the cryptocurrency stands at$266,000when benchmarked against the global volume ofgold.
The macroeconomic landscape and legislative uncertainty in the United States continue to sway portfolio allocations. The bank warned during the summer of2026regarding narrowing legislative windows for advancing theClarity Actin the U.S. Congress.
Trading desks are keeping a close watch on the end of the third quarter of2026and the upcoming Federal Open Market Committee(FOMC)monetary policy meeting scheduled for late this month as the immediate catalysts for a potential restructuring of hedges.
Source: cryptonews.net