Bitcoin has spent most of 2026 in gold’s shadow. While the precious metal kept setting the pace as investors looked for protection against inflation and currency debasement, Bitcoin lagged behind, weighed down by a hawkish Federal Reserve and the collapse of the CLARITY Act in the US Senate. But that gap could start to close. A new JPMorgan report argues that the heavy hedging around Bitcoin ETFs may actually be an opportunity in disguise. Claude AI Predicts a slow but steady recovery for BTC if that caution starts to fade, with $82,300 as the level that decides everything.
The reasoning is simple. When many investors are already positioned for a decline, there are fewer sellers left and more potential buyers if sentiment turns. That is exactly the setup JPMorgan describes in Bitcoin right now, and it stands in sharp contrast to gold, where positioning looks far more relaxed. Bitcoin is currently trading near $78,100, up more than 2% on the day and back above its 200-day moving average.
JUST IN: JPMorgan says Bitcoin could outperform gold. pic.twitter.com/XkZGDFmhwQ
— Watcher.Guru (@WatcherGuru) September 17, 2026
Supercharge Your Trading in 2026 With BloFin AI Trading Bots
Why Is JPMorgan Watching Bitcoin ETF Hedging So Closely?
In a report published Wednesday, JPMorgan analysts led by Nikolaos Panigirtzoglou said Bitcoin could find more support than gold if investors scale back their ETF hedges.
Both Bitcoin and gold ETFs attracted inflows after the Federal Reserve meeting in late July, when the debasement trade came back into fashion. That trade has weakened over the past week, however, as inflation-adjusted bond yields climbed and the Senate failed to advance the CLARITY Act.
The recovery has been uneven. Gold ETFs have now won back all the outflows they suffered earlier this year, while Bitcoin ETFs have recovered only about half.
Bitcoin ETF demand has also cooled in recent days, which the analysts say leaves more room for a rebound if the news flow improves.
BTC Spot ETF Coinglass
What Would It Take for Bitcoin to Outshine Gold?
BREAKING: JPMorgan says $BTC could receive more relative support than gold if ETF hedging demand declines.
Bitcoin and gold ETFs have both seen inflows since late July.
At the same time, gold ETFs have recovered all of their earlier 2026 outflows, while Bitcoin ETFs have… pic.twitter.com/Q1gcROvmuH
— The Wolf Of All Streets (@scottmelker) September 17, 2026
Market Intelligence: Crypto Analyst Predicts Best New Crypto to Hodl
The answer, according to JPMorgan, lies in positioning. Futures positioning in both gold and Bitcoin remains high, a sign that institutional investors have been supporting both assets.
The real difference shows up in ETF short interest. Short interest in BlackRock’s iShares Bitcoin Trust (IBIT) is close to its highest level this year, while short interest in the SPDR Gold Shares ETF (GLD) sits below its historical average. The put-to-call open interest ratio is also higher for IBIT than for GLD, another sign of heavier hedging around Bitcoin.
For the analysts, this contrast shows that Bitcoin still faces a more sceptical positioning backdrop than gold, despite recent inflows. But it cuts both ways. If that hedging demand eases, they argue, the elevated short interest in IBIT could create more support for Bitcoin relative to gold from here.
In simple terms: many investors are positioned for Bitcoin to fall.
If they change their minds, the unwinding of those bets could add fuel to a rally.
Claude AI Predicts Bitcoin’s Key Levels in the Months Ahead
BTCUSDT Chart 1D
The chart is starting to agree with that view. After bottoming near $58,000 in July, Bitcoin reclaimed its 200-day exponential moving average in late August. That average, now around $73,200, has flattened out and turned slightly higher, while today’s 2% gain lifts BTC back to $78,100.
Claude AI Predicts the following roadmap for the rest of 2026:
- First test: $73,800. This level lines up with the 200-day EMA and is the floor of the current recovery. Holding it keeps the uptrend alive.
- The decider: $82,300. Bitcoin was rejected here in both May and September. A daily close above it would confirm that hedging is unwinding.
- The upside: $98,300. If $82,300 breaks, this old resistance becomes the next major target, likely late in the year.
If short interest stays elevated and sentiment stays weak, Bitcoin is more likely to range between $70,000 and $82,000 into year-end. Either way,
JPMorgan’s message is clear: watch the hedges, not just the headlines.
Market Intelligence: Crypto Analyst Predicts Next Crypto to Hit 1 Dollar
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
I am a crypto journalist focused on technical analysis and uncovering emerging opportunities within the market. I spend my time analyzing charts, exploring on-chain data, and researching projects with strong potential. I believe valuable insights are often found where few are looking, and I specialize in identifying under-the-radar opportunities.
