Eric Balchunas, senior exchange-traded fund analyst at Bloomberg, said Bitcoin ETFs could overtake gold ETFs in terms of investment volume. According to him, the only obstacle on this path could be a âblack swanâ event, writes The Block.
Spot exchange-traded funds continue to accumulate bitcoin at a record pace. The value of assets under management of ten spot ETFs reached $60 billion, which is approximately 4.21% of the volume of all existing coins.
Balciunas compared the rise of Bitcoin ETFs to âbig momentumâ (The Big Mo). This expression means that something is quickly gaining popularity and this momentum pushes it to further growth.
The expert also compared Bitcoin to an election campaign, where a candidate who has gained an initial âmargin of safetyâ can break away from his rivals due to positive reviews and media attention.
According to Balciunas, the higher the price of the first cryptocurrency and the hype, the more people become interested in Bitcoin. This leads to an increase in the inflow of funds into Bitcoin ETFs, which, in turn, further increases the price of Bitcoin.
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