JPMorgan has warned that investors are beginning to shift away from gold during the current Middle East conflict, with exchange-traded fund flows diverging sharply between gold and Bitcoin since the Iran war escalated. The largest gold ETF, SPDR Gold Shares (GLD), recorded outflows equal to roughly 2.7% of its assets under management during this period, while BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin Trust, saw inflows of around 1.5%. This shift effectively reverses gold's earlier advantage over Bitcoin funds. Despite this shift, the longer-term trend shows stronger cumulative inflows into Bitcoin ETFs since 2024.