JPMorgan Data Shows Bitcoin ETF Hedging Remains Elevated Versus Gold.
JPMorgan has identified a significant difference between investor positioning in Bitcoin and gold, with derivatives and short-selling data showing greater hedging activity around Bitcoin-related products.
BITCOIN COULD GET MORE SUPPORT THAN GOLD
JPMorgan says Bitcoin could benefit more than gold if ETF hedging demand eases.
Short interest in IBIT remains near yearly highs, while its put-to-call ratio is also higher than GLD’s — signaling heavier Bitcoin hedging.
If those hedges…
— *Walter Bloomberg (@DeItaone) September 17, 2026
JPMorgan says Bitcoin could receive stronger price support relative to gold if investors reduce hedges linked to spot Bitcoin ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) had approximately 45.93 million shares sold short as of August 31, 2026. The position was valued at roughly $2.05 billion and had increased 23.8% from the previous reporting period. Shorted shares represented about 3.53% of IBIT’s public float.
Options positioning provides another measurable difference. IBIT has a higher put-to-call open-interest ratio than SPDR Gold Shares (GLD), indicating greater use of downside-oriented options positions around the Bitcoin fund.
Fund-flow data also separates the two markets. During 2026, capital returning to gold ETFs has offset their previous withdrawals. Bitcoin ETFs, by comparison, have regained approximately 50% of their earlier outflows, according to JPMorgan’s figures.
The outstanding IBIT short positions are relevant because closing a conventional short requires purchasing shares to return borrowed stock. Therefore, any reduction in the 45.93 million-share short position would involve corresponding share purchases.
JPMorgan’s analysis identifies Bitcoin as having greater positioning support relative to gold if ETF hedges are reduced. The bank did not quantify a Bitcoin price target or state that short covering will occur.