Wu Shuo learned that Bloomberg senior ETF analyst Eric Balchunas said the 22-year development of gold ETFs could serve as a reference for Bitcoin ETFs. The assets under management of GLD had fallen 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 experience a rapid surge, a sharp pullback, and a long period of recovery, but each cycle is expected to raise the peak AUM, resulting overall in a pattern of “two steps forward, one step back.”