JPMorgan Chase: Bitcoin and gold ETF fund flows diverged significantly after the outbreak of the Iran war.

CoinFeed reported on March 13th, citing The Block, that JPMorgan analysts stated a clear divergence in Bitcoin and gold ETF flows since the outbreak of the Iran-Iraq War on February 27th. The largest gold ETF, GLD, saw approximately 2.7% outflows, while the largest spot Bitcoin ETF, IBIT, recorded approximately 1.5% inflows. Since last October, there has been a rotation from Bitcoin to gold, particularly among retail investors, but IBIT's cumulative inflows since 2024 are still roughly twice that of GLD. Regarding institutional holdings, IBIT's short interest has increased while GLD's has decreased, indicating that hedge funds and other institutions are reducing their Bitcoin exposure and favoring gold. IBIT's put/call open interest ratio has consistently been higher than GLD's since last November, showing increased demand from institutional investors to hedge against Bitcoin's downside risks.