Bitcoin Could Get More Support Than Gold as ETF Hedging Eases: JPMorgan

JPMorgan analysts say Bitcoin could see stronger price support than gold if ETF hedging eases, as short interest in BlackRock’s IBIT reaches its highest level of 2026.

JPMorgan analysts led by Nikolaos Panigirtzoglou said in a note this week that Bitcoin (BTC) could draw more price support than gold if hedging demand in the ETF market eases, with short interest in BlackRock’s iShares Bitcoin Trust (IBIT) sitting near its highest level of the year.

IBIT’s put-to-call open interest ratio runs above that of the SPDR Gold Shares ETF (GLD), which the analysts read as heavier hedging around Bitcoin, while short interest in GLD sits below its historical average.

Bitcoin Vs. Gold

Bitcoin still faces a more skeptical positioning backdrop than gold despite recent inflows and a build-up of futures positioning, the note said. Moreover, figures reported by FINRA and compiled by MarketBeat put IBIT’s short base at 45.9 million shares as of the August 31 settlement date, the highest reading of 2026 and up 23.8% from 37.1 million two weeks earlier.

The position equals 3.53% of the float and would take 0.6 days of the fund’s average trading volume, about 53 million shares, to cover. At the end of March, the short base stood near 13 million shares, the year’s low.