According to JPMorgan analysts, bitcoin will become a more attractive asset than gold in the second half of 2025. The key reasons are corporate purchases, support from US states, and capital outflows from ETFs to precious metals in BTC ETFs.
Comparison from April:
Gold: -8%
Bitcoin: +18%
Market trends:
- Capital outflows from gold ETFs → inflows into BTC ETFs
- Positions in gold futures are falling, while positions in BTC are rising
- BTC is increasingly called "digital gold" (Galaxy, NYDIG, QCP)
Corporation:
Strategy and Metaplanet are actively buying BTC
Michael Saylor has already met 60% of the goal of raising $42 billion
States:
Arizona and New Hampshire Implement Digital Gold Initiatives
Expanding this list could be a stable bullish catalyst
An additional driver is the growth of the derivatives market, including Coinbase-Deribit, Kraken-NinjaTrader, and Gemini licenses in the EU.
