JPMorgan says the Iran war has produced an unusual market split: bitcoin is 
showing signs of safe-haven demand while gold and silver, the traditional 
geopolitical hedges, have weakened under the pressure of outflows, profit- 
taking and deteriorating liquidity. In a report dated March 26, Nikolaos 
Panigirtzoglou and his team said bitcoin has held up better than precious 
metals since the conflict escalated. Gold is down about 15% this month, 
according to the bank, while gold ETFs recorded nearly $11 billion in outflows 
in the first three weeks of March. Silver has also come under pressure, with 
JPMorgan saying ETF inflows built since last summer have now been unwound, 
even as bitcoin funds continued to post net inflows over the same stretch. 
Bitcoin Shows Safe-Haven Demand That divergence is not just a price story. 
JPMorgan argues it is also visible in positioning and market structure. Gold 
and silver had become heavily crowded trades after a run that pushed gold 
close to $5,500 an ounce and silver near $120 earlier this year. Related 
Reading: The Bitcoin Price Bottom Is Close, But There Is Still A Crash Below 
$60,000 Left As rates rose, the dollar strengthened and investors moved to de- 
risk, those positions started to unwind. CME-based positioning shows a sharp 
drop in gold and silver exposure since January, while bitcoin futures holdings 
have stayed comparatively stable in recent weeks. The bank’s explanation is 
more nuanced than a simple “bitcoin replaced gold” narrative. Bitcoin 
initially sold off with other risk assets when the war broke out, briefly 
falling into the low-$60,000 range before stabilizing back in the high-$60,000 
to low-$70,000 area. JPMorgan’s point is that bitcoin did not behave like a 
classic shelter in the first shock phase, but it recovered as flows returned, 
while gold and silver kept losing support. Related Reading: Bitcoin Recovery 
Lacks One Key Ingredient, Glassnode Warns JPMorgan also tied that relative 
resilience to crypto’s utility in a stressed jurisdiction. “The deterioration 
in liquidity conditions in gold has seen its market breadth decline below that 
of bitcoin currently,” the bank wrote. In a separate summary of the same 
report, JPMorgan said, “The surge in Iran’s crypto activity highlights the 
role of cryptocurrencies as a safe haven asset in countries experiencing 
economic and monetary instability and geopolitical stress.” The bank cited 
Chainalysis data showing increased Iranian crypto activity after the outbreak 
of war, including transfers from domestic exchanges into self-custody wallets 
and international platforms. That combination of borderless settlement, self- 
custody and round-the-clock trading sits at the center of the bank’s argument. 
Bitcoin’s momentum indicators, which had fallen into oversold territory, are 
now moving back toward neutral, JPMorgan said, suggesting selling pressure may 
be easing. Gold and silver momentum, by contrast, swung from overbought to 
below-neutral as liquidations accelerated. The bank’s liquidity work points 
the same way: gold’s market breadth has now fallen below bitcoin’s, while 
silver’s thinner depth has made its decline even more violent. At press time, 
BTC traded at $68,597. Featured image created with DALL.E, chart from 
TradingView.com

JPMorgan Says Bitcoin Is Beating Gold And Silver During The Iran War

Vietnam detained ONUS-linked suspects in an alleged crypto fraud probe 
involving token sale promotions, price manipulation, and user losses.

ONUS fraud case widens as Vietnam arrests key suspects

On‑chain trackers showed GameStop’s $324 million worth of bitcoin leaving its 
wallets for Coinbase. Many assumed a full‑blown dump, but SEC filings show the 
company still has exposure to Bitcoin, just not in the way most traders think. 
Related Reading: Bitcoin Rangebound At $70K While Macro Cracks Deepen – Why 
Analyst Says It’s Too Early To Call A Bottom A Bitcoin “Covered-Call” Deal On 
paper, GameStop now only owns 1 BTC. The gaming company’s latest 10-K reveal 
that instead of offloading the 4,710 BTC it bought January last year, the 
video game retailer has pledged 4,709 of 4,710 BTC to Coinbase for a covered 
call strategy, receiving about $368 million in cash while capping upside above 
roughly $105,000–$110,000 per BTC. A covered call is an options strategy where 
you own an asset and sell call options against it to collect premium income, 
but in exchange you cap your upside if the price moves sharply higher. This is 
exactly what GameStop did: it handed Coinbase almost all its BTC as collateral 
and sold call options on that stack. In return, it pulled in upfront cash 
premium plus a receivable, instead of a volatile asset on its books. This 
agreement lets Coinbase rehypothecate, commingle, or even sell the pledged 
Bitcoin, which is why accounting rules force GameStop to derecognize the coins 
and book a “digital asset receivable” instead. In contrast with classic 
corporate Bitcoin treasuries (MicroStrategy‑style HODL), GameStop is using BTC 
more like a yield‑bearing financial instrument than a long‑term conviction 
bet. Why GameStop Chose Yield Over Upside GameStop’s strategy answers to the 
reality of the era of digital download gaming. With shrinking sales due to a 
decreasing demand for physical media and little room to grow, the company is 
increasingly using financial engineering to squeeze out income. The company’s 
revenue went down roughly 25% year‑on‑year and about 14% in Q4 2025. 
Therefore, in handing its Bitcoin to Coinbase and selling call options on it, 
GameStop is using the premiums and credit line to pull forward cash it 
desperately needs today. Related Reading: Binance Just Declared War On Quiet 
Market Makers —3 Red Flags Every Trader Should Watch GameStop is an example of 
a new phase in corporate Bitcoin adoption, where treasuries don’t just buy and 
hold but actively lend, pledge, and option‑out their coins for yield, giving 
execution and rehypothecation power to venues like Coinbase. If Bitcoin rips 
through six figures, GameStop shareholders may watch Coinbase and options 
counterparties enjoy most of the upside while GME is left with a 
fixed‑income‑style payout, a dynamic traders should factor into any 
“Bitcoin‑linked equity” thesis. At the moment of writing, BTC’s price crashes 
under $67k. Source: BTCUSD on Tradingview Cover image from Perplexity, BTCUSD 
chart from Tradingview

GameStop Didn’t Sell Bitcoin — What It Did Instead Will Anger BTC Maxis

Binance Australia was fined A$10 million after 524 retail clients were wrongly 
classified for crypto derivatives trading, ASIC records show.

Binance fined A$10M after Australia derivatives failures

Vietnam detained ONUS-linked suspects in an alleged token fraud case as police 
described price manipulation, false promotions and centralized market control.

Cryptocurrency price in CNY