Bitcoin, the world’s largest cryptocurrency, has demonstrated stronger resilience compared to traditional safe-haven assets such as gold and silver amid the Iran conflict. A recent JPMorgan report highlighted an increase in capital inflows and market activity in Bitcoin during this period.

According to The Block, in a report led by JPMorgan Managing Director Nikolaos Panigirtzoglou, gold faced significant pressure throughout March. Its price declined by around 15% month-to-date, driven by rising interest rates and a strengthening US dollar, which caused investor positioning to become overly crowded.

Earlier, gold and silver had reached record highs at the beginning of the year, with gold approaching US$5,500 per ounce and silver around US$120. However, this sharp increase made both assets vulnerable to profit-taking and liquidation when market conditions shifted.

During the first three weeks of March, gold ETFs recorded outflows of nearly US$11 billion, or approximately Rp186 trillion. Meanwhile, silver ETF flows reversed direction and erased all inflows since the previous summer. In contrast, Bitcoin recorded net inflows over the same period, indicating its relative strength compared to traditional safe-haven assets.

A surge in crypto activity in Iran has further strengthened the narrative of Bitcoin as a safe-haven asset. JPMorgan also observed increased crypto usage in Iran following the outbreak of the conflict. Based on Chainalysis data, individuals have been moving funds from local exchanges to self-custody wallets and international platforms.

Bitcoin’s borderless nature, its ability to be self-custodied via wallets, and its 24-hour trading capability make it an alternative solution for preserving asset value amid economic instability, currency pressure, and capital flow restrictions.

This phenomenon reinforces Bitcoin’s role as an alternative safe haven, particularly in countries experiencing geopolitical pressure and economic uncertainty.

From an institutional investor perspective, there has been a noticeable shift in strategy. CME futures position data shows that investors had previously increased exposure to gold and silver through late 2025 and early 2026. However, since January, these positions have declined sharply, indicating profit-taking activity.

In contrast, Bitcoin futures positions have remained relatively stable in recent weeks, reflecting sustained market confidence.

Momentum-based traders have also reinforced this trend. Gold and silver have moved from overbought conditions to below neutral levels, signaling forced liquidation. Meanwhile, Bitcoin’s momentum has begun to recover from oversold conditions toward neutral, indicating improving market sentiment.

In terms of liquidity, market dynamics have also shifted. Historically, gold has exhibited higher liquidity than silver and Bitcoin, as measured by the Hui-Heubel ratio.

However, this situation is now changing. Gold’s liquidity has declined and has even fallen below Bitcoin in terms of market breadth. Meanwhile, silver’s liquidity has dropped more sharply, contributing to greater price volatility.

Overall, these data suggest that Bitcoin is increasingly being viewed as an alternative safe-haven asset amid global uncertainty, particularly during periods of economic pressure and geopolitical conflict.