Bitcoin ETFs Likely to Mirror Gold's History of Triumph and Pain.. New from me on how gold ETFs' 22-year history may offer the closest roadmap yet for Bitcoin ETF investors. Both are wrappers around non-yielding stores of value that generate no cash flow, leaving investor sentiment -- not earnings, coupons or government support, as with stocks and bonds -- to drive performance. GLD has experienced both extremes, briefly becoming the world's largest ETF before spending eight years in doldrums trying to get back to that place. Bitcoin ETFs may be following the same script: spectacular gains, painful drawdowns and recoveries that may test investors' patience. The good news tho: each cycle for gold ETFs has increased the high water mark. Two steps fwd one step back.(Eric Balchunas)