Eric Balchunas, an ETF analyst at Bloomberg, pointed out that even though Bitcoin’s price has experienced a significant decline, the enthusiasm for spot Bitcoin ETFs remains remarkably high. He particularly emphasized the success of BlackRock’s iShares Bitcoin Trust (IBIT), a leading spot Bitcoin ETF.
Balchunas revealed that IBIT’s assets under management once soared to $100 billion but have recently decreased to around $60 billion. Despite this drop, he described the current $60 billion as “exceptional” for an ETF with roughly 500 days on the market. He further mentioned that if IBIT maintains this level over the next three years, it will continue to hold its record as the fastest-growing ETF to reach such an asset size.
The analyst also highlighted that only about 6% of total assets have exited from Bitcoin ETFs, meaning 94% of investors remain committed. This is particularly striking given a nearly 40% plunge in Bitcoin’s price and many investors facing losses. Balchunas interpreted this resilience as evidence of strong long-term conviction among ETF holders.
In response to Balchunas’ remarks on social media, Changpeng Zhao (CZ), CEO of Binance, expressed surprise at such positive commentary from Bloomberg. CZ joked that he expected them to declare “BTC is dead” once again—a phrase often repeated by traditional media outlets skeptical about cryptocurrency.
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