JPMorgan: Bitcoin could outperform gold if ETF hedging declines

• —Short interest in IBIT is at a yearly high, while in GLD it is below the historical average
• —Gold ETFs have recovered all 2026 outflows, while Bitcoin ETFs have recovered only about half
• —BTC at $78,100, above the 200-day EMA; key level at $82,300
• —A break above $82,300 would target $98,300 next; otherwise the range is $70,000–82,000