Bloomberg Analyst Releases Bullish Bitcoin Message, Binance Founder CZ Responds

Bloomberg ETF analyst Eric Balchunas stated that despite the sharp drop in Bitcoin price, interest in spot Bitcoin ETFs remains historically strong. Balchunas specifically highlighted the performance of BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT).

According to Balchunas, IBIT’s assets under management briefly peaked at $100 billion. However, recent declines have brought this figure down to $60 billion. Despite this, the analyst noted that $60 billion is still “extraordinary” for an ETF with approximately 500 days of history. He even stated that if the fund remains at this level for the next three years, it would retain its title as the fastest ETF to reach $60 billion.

Balchunas also noted that only about 6 percent of the total assets exited Bitcoin ETFs, meaning 94 percent of investors held onto their positions. Despite a sharp price drop of approximately 40 percent and many investors being in the loss zone, the fact that a large majority of ETF investors chose to “stay in position” is noteworthy. According to the analyst, this indicates strong long-term investor behavior.

On the other hand, Changpeng Zhao (CZ) also responded to Balchunas’s assessment via social media. CZ stated that he found this comment from a Bloomberg analyst surprising, saying, “I was expecting them to write ‘BTC is dead’ again,” alluding to the “Bitcoin is dead” phrase frequently used in traditional media.

*This is not investment advice.