PANews reported on May 15 that JPMorgan analysts 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 US states have also included it in their strategic reserves. For example, New Hampshire allows up to 5% of assets to be allocated to Bitcoin. In addition, the mature and clear regulatory environment of the crypto derivatives market also attracts institutional participation.