Bitcoin has experienced a remarkable increase of approximately 350% since the introduction of ETF filings two years ago, as highlighted by Bloomberg’s ETF analyst Eric Balchunas in a recent tweet.
The analyst was responding to a crypto enthusiast who seemed to underestimate Bitcoin’s growth since those spot ETF submissions. Balchunas elaborated on what this 350% surge translates to in terms of annual returns, stating it equates to “93% annualized return, roughly five times that of US stocks.” He noted that one reason for the perceived downplay might be the absence of dramatic “god candle” spikes.
Someone is somehow upset because Bitcoin *only* increased by 350% since the ETF filings two years ago. That’s equivalent to a 93% annualized return, about five times more than US stocks. (I believe) the issue here is that these gains have occurred without God Candle dopamine rushes, leaving people feeling withdrawal symptoms. But this is… https://t.co/Z7v2IBZxlE
— Eric Balchunas (@EricBalchunas) September 25, 2025
A god candle refers to an abrupt and significant surge in an asset’s value over a brief period. Instead, Bitcoin has shown consistent growth from around $24,900 in September 2023 and reached its peak at $124,457 on August 14th, 2025.
Balchunas argues that Bitcoin’s gradual ascent reflects its natural progression as it matures into a less volatile asset with numerous advantages: “This represents how things naturally evolve for maturing assets—less erratic movements offer many benefits,” he stated.
Bitcoin Price Dynamics
This week saw Bitcoin extend its losses amid turbulent conditions for digital currencies as approximately $140 billion was wiped from market value with significant options expirations approaching.
Currently trading at $111,024—a decrease of about −1.76% over the past day—and down −6% weekly—the cryptocurrency faces another test on Friday when more than $17 billion worth tied up with open interest related specifically towards both BTC ($17B) & ETH ($5B), according Deribit exchange data expires soon after Monday’s events triggered sell-offs totaling nearly $$1‚     .7‚  billion liquidations overall causing sharp declines within markets initially affected during early July ranging between values spanning anywhere upwards toward maximums nearing around highs seen earlier near limits hovering close range levels centered mostly falling between roughly low-end figures approximating lower bounds measuring minimally starting base points set beginning no less than minimum threshold benchmarks found somewhere below average baseline thresholds estimated conservatively under optimal circumstances best-case scenarios forecasted accurately predicted beforehand ideally planned accordingly ahead 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