JPMorgan analysts have pointed out that investor preferences are shifting from Bitcoin to precious metals. Bitcoin futures appear to be oversold, while gold and silver futures are overbought. Retail and institutional funds began selling Bitcoin ETFs by the end of 2025, favoring gold and silver ETFs and futures instead. Momentum indicators show recent profit-taking risks for precious metals. Nevertheless, analysts maintain a long-term bullish outlook on gold, noting that its allocation ratio continues to rise and its theoretical price range could be between $8,000 and $8,500. The higher Hui-Heubel ratio for Bitcoin indicates that its liquidity is weaker compared to gold and silver.

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