Bitcoin could receive relatively stronger support than gold if investors unwind defensive positions around cryptocurrency exchange-traded funds, JPMorgan analysts led by Nikolaos Panigirtzoglou said. Short interest in BlackRock's iShares Bitcoin Trust, or IBIT, reached 45.9 million shares as of Aug. 31, its highest 2026 level and up 23.8% in two weeks, while IBIT's put-to-call open-interest ratio exceeded that of SPDR Gold Shares, or GLD. Gold ETF inflows have recovered all earlier 2026 outflows, compared with roughly half for Bitcoin funds. US spot Bitcoin ETFs recorded $236 million of outflows on Sept. 1 before taking in $731 million on Sept. 3, their strongest daily inflow since January, including about $454 million for IBIT. Bitcoin traded near $76,500 on Thursday after a rally toward $80,000, while gold approached $4,600 an ounce. JPMorgan maintains a volatility-adjusted Bitcoin valuation of $266,000 over the longer term, though its broader outlook has become more cautious amid elevated real yields, regulatory uncertainty and Bitcoin's prior trading below its estimated production cost.