JPMorgan flags Bitcoin futures as oversold while gold and silver contracts appear overbought

On January 31 2026, analysts at JPMorgan said Bitcoin futures are likely oversold, whereas gold and silver futures appear overbought. They observed that since mid-2025, investors have increasingly redirected funds from Bitcoin ETFs into gold and silver ETFs, with gold ETF inflows nearing $60 billion by year-end. Using futures positioning and liquidity metrics, the team sees scope for short-term profit-taking in precious metals but remains structurally positive on gold.