Analysts at the investment bank JPMorgan believe that Bitcoin's growth was due to the actions of retail investors who simultaneously bought futures for Bitcoin and gold.

Speculative investors and impulsive traders have been promoting a rally in the cryptocurrency market, buying futures for the main precious metal and the first cryptocurrency more often than retail investors since February.

Since their launch in early 2024, spot Bitcoin ETFs have attracted tens of billions of dollars, and gold exchange-traded funds are recording a decline, JPMorgan experts say. The outflow of funds from gold ETFs should not be considered an extraordinary event in the market; it has nothing to do with the launch of spot Bitcoin ETFs. JPMorgan argues that the outflow of funds does not show hostility towards gold on the part of investors, but is evidence of a shift from precious metal ETFs to the purchase of physical bullion.

As for spot Bitcoin ETFs, JPMorgan is confident that there has been and continues to be a transfer of capital from cryptocurrency exchanges to classic trading platforms and stock exchanges.

Earlier, JPMorgan bank analysts suggested that Bitcoin is not able to equal gold in terms of nominal volume in investor portfolios. As the main reason, experts point to the volatility factor, which is underestimated by enthusiasts of the first cryptocurrency.