Bloomberg's Eric Balchunas laid out the actual roadmap for Bitcoin ETFs. Gold's.


GLD hit $76B in 2011, briefly the world's largest ETF, then crashed to $22B. Recovered to $84B, fell to $48B, and now sits near $190B. 15 years, four full cycles.
$IBIT already did the first leg. Briefly crossed $100B in October, pulled back to $60B now.
Both are wrappers around assets with no yield and no cash flow. Sentiment drives everything. That means violent cycles are the feature, not a warning sign.
BTC1.19%
GLD-0.05%
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CryptoJoker
· 07-19 11:20
Hold tightly 💪
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