TechFlow reports, July 17, Bloomberg ETF analyst Eric Balchunas stated that the 22-year development history of gold ETFs may provide the closest reference path for Bitcoin ETF investors. Both are packaging tools for non-yielding, non-cash-flow store-of-value assets, and their performance is mainly driven by investor sentiment, rather than earnings, coupons, or policy support.
Balchunas pointed out that the SPDR Gold ETF once rose rapidly, even briefly becoming the largest ETF globally, but subsequently experienced years of falling out of favor; BlackRock spot Bitcoin ETF IBIT also briefly touched $100 billion in assets under management, subsequently peaking. Due to the limited new supply of such products, concentrated demand inflows may drive prices up rapidly, but demand itself is volatile, often appearing as phased inflows rather than stable continuity. Overall, Bitcoin ETFs may continue the cyclical characteristics experienced by gold ETFs, marked by coexisting sharp rallies, significant drawdowns, and recoveries.
