JPMorgan Chase: Bitcoin failed to benefit from safe haven funds driving gold up

On April 17th, according to The Block, analysts at JPMorgan Chase stated that safe haven demand is driving up gold prices, while Bitcoin has not benefited from it. In a report released on Wednesday, a team of JPMorgan analysts led by Managing Director Nikolaos Panigirtzoglou pointed out that due to macroeconomic uncertainty, investors seeking safe haven are driving funds into gold trading platforms such as ETFs and futures markets. By contrast, Bitcoin has been left aside. Analysts point out that speculative interest in the Bitcoin futures market is weakening, and ETFs are experiencing continuous outflows of funds.