JPMorgan Chase analysts said in a research note dated Aug. 28 that Bitcoin is trading below its volatility-adjusted fair value when compared with gold, arguing the cryptocurrency’s price should be about USD 126,000 by the end of 2025. The bank highlighted a sharp drop in Bitcoin’s six-month rolling volatility to a record low of roughly 30%, down from 60% at the start of the year. That decline has narrowed Bitcoin’s volatility premium over gold to the smallest on record—about two-to-one—prompting the analysts to describe the current market price near USD 112,000 as “too low.” They put the degree of undervaluation at roughly USD 16,000. JPMorgan attributed the calmer trading to accelerating institutional demand, noting that corporate treasuries now account for more than 6% of the circulating supply and that index-linked inflows have grown. If volatility continues to converge with that of gold, the bank expects further re-allocation by investors looking for a store-of-value alternative, supporting its year-end price target.