JPMorgan Chase states that Bitcoin's long-term appeal relative to gold has increased after gold's strong performance and increased volatility. Despite recent cryptocurrency weakness, liquidations have been limited, although outflows from spot Bitcoin ETFs continue. JPMorgan Chase points out that Bitcoin is currently trading well below its estimated production cost of $87,000, a relatively low historical bottom. JPMorgan Chase's key takeaway: Bitcoin's risk-adjusted value relative to gold has increased, and its volatility relative to gold has fallen to historic lows, implying significant upside potential for Bitcoin in the long term.