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Wu Shuo learned that Bloomberg senior ETF analyst Eric Balchunas said the past 22 years of gold ETF development may offer a reference for Bitcoin ETFs. The GLD assets under management fell from about $76 billion to $22 billion, then rose to $84 billion, before dropping back to $48 billion; it has now increased to about $190 billion. He believes Bitcoin ETFs may also see rapid rallies, sharp pullbacks, and long-term repairs, but each cycle is expected to lift the peak in assets under management, with the overall pattern of “two steps forward and one step back.”