**[Bitwise CIO: If ETF Demand Persists Long-Term, Bitcoin Will Experience Parabolic Growth]** BlockBeats News, January 14 – Bitwise Chief Investment Officer Matt Hougan stated in an article, "If ETF demand persists long-term, Bitcoin prices will exhibit parabolic growth. This can be inferred from the trajectory of gold in 2025. The prices of both gold and Bitcoin are fundamentally determined by supply and demand. The mainstream narrative suggests that gold's significant rise in 2025 (approximately 65% increase for the year) was due to massive purchases by central banks, which altered the supply-demand structure. But history tells us that Bitcoin is currently undergoing this process. Central bank purchases of gold surged in 2022, against the backdrop of the U.S. freezing and confiscating Russia's U.S. Treasury assets. Annual central bank gold purchases jumped from around 500 tons to approximately 1,000 tons and have since remained at this high level. These purchases indeed shifted the supply-demand balance but were not immediately reflected in prices. Gold rose only 2% in 2022, 13% in 2023, and 27% in 2024. It wasn't until 2025 that gold prices truly entered a "parabolic" growth phase. The reason is that, in the initial years, the additional demand from central banks was primarily absorbed by holders willing to sell gold. However, over time, sellers gradually ran out of supply. When demand persists and the available supply diminishes, prices begin to rise rapidly. The same logic is now appearing with Bitcoin and ETFs. Since the launch of Bitcoin spot ETFs in January 2024, ETF purchases have already exceeded 100% of Bitcoin's new supply. However, prices have not yet exhibited parabolic growth because existing holders are still willing to sell. If ETF demand persists (and I believe it will), these sellers will eventually 'run out of ammunition.'"