JP Morgan says Bitcoin futures are currently oversold. At the same time, gold and silver futures appear to be overbought. The bank shared this view in a new market note published in late January.
LATEST: 🏦 JPMorgan says Bitcoin futures are oversold while gold and silver futures are overbought, with retail and institutional investors rotating away from BTC toward precious metals since August. pic.twitter.com/MnOiihlJ3y
— CoinMarketCap (@CoinMarketCap) February 2, 2026
Investors are gradually moving their money out of Bitcoin, according to JPMorgan’s Bitcoin Outlook. Instead, move your funds into gold and silver. This trend has been observed since August last year and is why the market position across assets now looks very different.
Bitcoin futures are showing signs of weakness
Bitcoin futures have fallen significantly in recent months. JPMorgan notes that the Relative Strength Index (RSI) for Bitcoin futures has fallen to 22.4. Therefore, this level is usually a sign of oversold.
Furthermore, open interest in Bitcoin futures has also decreased by approximately 15% since Q4 2025. This decline indicates that many traders have closed their positions, but it also indicates that selling pressure may be slowing. This has led some analysts to believe that Bitcoin may be nearing a near-term bottom.
Gold and silver attract strong demand from investors
On the other hand, gold and silver are seeing a lot of inflows. Investors poured about $8.7 billion into gold ETFs and about $2.3 billion into silver ETFs. These strong inflows have pushed futures prices higher, and as a result, JPMorgan now views both metals as overbought.
Central banks’ gold purchases also play an important role. Many countries continue to add gold to their reserves. This trend supports rising prices and growing demand.
Why investors are staying away from Bitcoin
Many macro factors can explain why this change occurred. First, global economic uncertainty remains high, and second, interest rate expectations continue to change. For this reason, many investors prefer assets they consider safer, such as gold and silver, which have a good reputation everywhere.
Still, JPMorgan isn’t denying Bitcoin’s role. The bank notes that Bitcoin is still seen as a good alternative in times of liquidity stress.
Market reaction suggests a possible Bitcoin rebound
Early reactions on social media suggest mixed opinions. Some traders see Bitcoin’s oversold levels as a buying opportunity, while others remain cautious due to weak momentum. Moreover, silver also faces risks, as its price has risen nearly 40% since October. This spike increases the likelihood of a pullback.
Overall, JPMorgan’s Bitcoin outlook shows a clear change in market behavior. Precious metals may lead in the short term, but Bitcoin could quickly regain attention if sentiment changes.
