The rise of bitcoin appears to be pausing. In light of gold’s increasing strength, more and more analysts are questioning the position of BTC as a safe haven asset. The data provided by JPMorgan analysts is particularly interesting.

Bitcoin is losing ground to gold in financial markets

The narrative of BTC as digital gold is facing a setback today. According to JPMorgan, investors are indeed reassessing their strategies for protection against inflation and economic instability. The result? Flows are leaving Bitcoin ETFs to massively redirect to those backed by gold.

The precious metal has just crossed the $3,100 per ounce mark. It even attracts more than $9 trillion in allocation. Digital assets, on the other hand, suffer from their volatility. In this sense, JPMorgan analysts stated:

“The correlation of bitcoin with tech stocks calls into question its role as a safe haven asset.”

Even worse! Central banks themselves are contributing to this golden momentum. The report indeed mentions that $4 trillion in gold is held by these institutions, compared to only $5 trillion in gold from private investors. Bitcoin, on the other hand, has suffered from a underperformance since the beginning of 2025.

Could the production cost of BTC become its floor?

Indeed, confidence seems shaken. Nevertheless, bitcoin still retains a major asset: its production cost. Cryptocurrency experts currently estimate it at $62,000. According to JPMorgan analysts, this level acts as an empirical support.

That said, this value remains fragile. The fact is that Bitcoin ETFs have recorded significant net outflows since January. At the same time, positions on futures contracts have turned negative. This reflects a gradual disengagement of crypto investors.

The challenge for bitcoin is therefore twofold:

• regain its credibility as a safe haven;
• differentiating itself from an increasingly marked technological correlation.

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One thing is certain: bitcoin is currently wavering under the pressure of gold, fueled by institutional flows. It remains to be seen whether the most famous cryptocurrency will manage to reverse the trend in the months to come!