I've noticed an interesting discrepancy in the market over the past few weeks. While gold and silver are falling, Bitcoin remains quite resilient. JPMorgan figured out what's going on: it turns out there’s a significant outflow of capital from gold and silver ETFs, as investors lock in profits after the January rally. Gold dropped about 15% in March from a record $5,500, and silver also declined.

But with Bitcoin, the situation is different. Despite geopolitical shocks and a drop to $60k in early March, it showed relative stability. Capital flows into BTC funds remained positive, while nearly $11 billion was withdrawn from gold ETFs in the first three weeks of the month. The bank notes that liquidity in the gold market has noticeably worsened and now lags behind Bitcoin — which is unusual for a traditional safe haven.

Position data confirms: large players (CTAs and funds) are sharply reducing their exposure to metals, while Bitcoin futures positioning remains stable. It turns out Bitcoin is not behaving purely as a safe haven but as a high-beta asset — it first falls along with risky assets, then recovers when panic subsides. The current Bitcoin price is around $71.6K, and the momentum seems to be recovering.