Bloomberg ETF Analyst: Bitcoin Spot ETF May Repeat the Glory and Pullback Cycle of Gold ETFs

Bloomberg ETF analyst Eric Balchunas pointed out in a recent report that the performance trajectory of gold ETFs over the past 22 years may provide important references for Bitcoin ETFs. Both gold and Bitcoin ETFs are packaged products centered around "non-yielding assets," lacking dividends, interest payments, or government backing, with prices primarily driven by investor sentiment.

The report states that the leading gold ETF, GLD, once topped the list of the world's largest ETFs, then experienced a prolonged period of stagnation lasting about eight years, but each cycle's peak has gradually risen. Balchunas believes that Bitcoin ETFs may similarly undergo a repetitive cycle of "rapid ascent—sharp pullback—prolonged recovery," with peaks gradually rising with each cycle.