Bitcoin continues to behave like a risk-on asset, outpacing gold in both performance and ETF inflows.
JP Morgan analysts believe Bitcoin holds more upside potential than gold for the remainder of 2025, citing a range of crypto-specific catalysts. The bank highlighted corporate treasury allocations, state crypto laws, and a growing derivatives market as key growth drivers.
Bitcoin recently surged past $104,500—just shy of its January peak—leading a broader return to risk assets. While some still view it as a safe-haven investment, JP Morgan analysts stressed that Bitcoin continues to behave more like a risk-on asset, closely tracking equities.
The investment bank also highlighted major acquisitions signalling crypto’s evolution. Coinbase’s Deribit takeover, Kraken’s acquisition of NinjaTrader, and Gemini’s new EU derivatives licence show growing regulatory oversight and institutional interest.
Analysts expect this will boost confidence and participation from traditional investors.
Despite gold climbing amid tariff uncertainty with China, Bitcoin has consistently outperformed over the past year. ETF inflows reflect this trend, with Bitcoin ETFs now outpacing gold alternatives as interest shifts to digital assets.
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