Bloomberg ETF analyst: Bitcoin spot ETFs could replicate the “highlights and pullbacks” cycle of gold ETFs

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PANews July 17, Bloomberg ETF analyst Eric Balchunas said in a recent report that gold ETF’s track record over the past 22 years could provide important reference for Bitcoin ETFs. Both gold and Bitcoin ETFs are packaged products around “non-yielding assets,” lacking dividends, interest, or government backing, with prices driven mainly by investor sentiment. The report said that GLD, the leading gold ETF, once topped the world’s largest ETF rankings, but then went through nearly eight years of subdued consolidation; however, the peak of each cycle still rose. Balchunas believes Bitcoin ETFs could similarly see repeated cycles of “rapid rise—sharp drawdown—long recovery,” with the highs potentially stepping up gradually over each cycle.
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