According to online reports, analysts at JPMorgan Chase said that as gold weakens and capital flows change, Bitcoin may continue to outperform gold in the second half of 2025. The agency pointed out that companies such as MicroStrategy continue to purchase bitcoin, and many states in the United States have also included it in strategic reserves. For example, New Hampshire allows up to 5% of assets to be allocated to bitcoin. In addition, the crypto derivatives market is mature and regulated clearly, which also attracts institutional participation.