Bitcoin ETF Pulls Inflows as Gold ETF Bleeds Amid Global Tension, Says JPMorgan

. BlackRock's iShares Bitcoin Trust, the largest spot Bitcoin ETF, recorded inflows of approximately 1.5% of assets over the same period.

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Bitcoin and gold ETFs have recorded sharply diverging capital flows since geopolitical tensions escalated in the Middle East late last month, according to a JPMorgan research note published Wednesday.

The largest spot gold ETF, SPDR Gold Shares, has seen outflows equal to roughly 2.7% of its assets under management since the conflict began on Feb. 27. BlackRock's iShares Bitcoin Trust, the largest spot Bitcoin ETF, recorded inflows of approximately 1.5% of assets over the same period. JPMorgan's analysis was led by managing director Nikolaos Panigirtzoglou.

The recent swing has narrowed the year-to-date advantage that gold ETFs held over Bitcoin ETFs heading into 2026. It did not, however, erase the stronger outperformance gold funds posted during the fourth quarter of 2025. JPMorgan noted that flows from last October onward showed a rotation from

into

, led primarily by retail investors. During that period, BlackRock's IBIT saw notable outflows while GLD attracted strong inflows.

Despite that earlier rotation, Bitcoin ETFs maintain a larger cumulative lead. JPMorgan said IBIT's total inflows since 2024 are roughly double those recorded by GLD over the same timeframe. IBIT's assets under management had nearly matched GLD's by July last year before the gap widened again following the October market correction.