JPMorgan Says Safe-Haven Inflows Are Heading to Gold, Not Bitcoin

According to JPMorgan, Bitcoin has failed to benefit from global safe-haven inflows compared to gold, which has received $21.1 billion inflows over Q1 2025.

As the traditional markets suffered from the effects of Trump’s global tariffs, crypto markets lost $633B in Q1, with Bitcoin left to tread carefully between $80,000 – $85,000.

With gold making a new all-time high of $3,354 on April 16, 2025, JPMorgan has said safe-haven flows are pushing the commodity higher.

JPMorgan says investors are betting on gold, not Bitcoin, to withstand economic uncertainty

Bitcoin is being left behind as gold ETFs and futures receive billions of inflows during economic uncertainties from President Trump’s policies and trade war with China. 

According to JPMorgan in a recent report, safe-haven flows are lifting gold, pushing it to new all-time highs, while Bitcoin is left out of such flows as investors seek safe assets during market uncertainty.

The banking group noted Bitcoin’s 3 months’ worth of ETF outflows have made investors question Bitcoin’s narrative as digital gold, with gold and US Treasuries outpacing crypto markets in Q1 2025.

“Despite a decline in market breadth and liquidity, gold continues to benefit from safe haven flows in a similar fashion to currencies like the Swiss franc and the yen.””These safe haven flows are seen in both the ETF and futures spaces.”

In early April, Nikolaos Panigirtzoglou, Managing Director at JPMorgan, said Bitcoin’s volatility and relation with the performance of equities has weakened its position as “digital gold.” 

From JPMorgan:

“The sharp rise in gold prices highlights a stronger investor appetite for traditional safe havens”

Bitcoin withstands market chaos with stillness

Crypto investors have recently become frustrated with Bitcoin’s performance, despite the token balancing itself over $80k for an extended period while traditional stocks go lower.

The technical outlook for many charts is positive despite the slow progression of Bitcoin and altcoins in the industry. 

Over time, we could see a reversal of gold once interest rates are possibly cut after Trump has threatened Jerome Powell to act quicker in response to macroeconomic changes.