JPMorgan analysts have reported that Bitcoin exchange-traded funds continue to lag behind gold in their recovery, as investor positioning remains more cautious toward the leading cryptocurrency. Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, observed that gold ETFs have staged a stronger comeback compared to their Bitcoin counterparts. Following the Federal Reserve’s July meeting, both asset classes saw renewed inflows from investors pursuing protection against currency debasement. However, gold ETF demand has already reversed all of its earlier 2026 outflows, while Bitcoin ETFs have only managed to recover about half their previous withdrawals.