[Bloomberg ETF Analyst: Bitcoin Spot ETFs May Mirror Gold ETFs' 'Boom and Bust' Cycles] Bloomberg ETF analyst Eric Balchunas pointed out in his latest report that the 22-year trajectory of gold ETFs could serve as an important reference for Bitcoin ETFs. Both gold and Bitcoin ETFs are packaged products centered around 'non-yielding assets,' lacking dividends, interest payments, or government backing, with prices primarily driven by investor sentiment. The report notes that the leading gold ETF, GLD, once became the largest ETF globally, only to experience a prolonged consolidation period of about eight years, though each cycle's peak rose higher. Balchunas believes Bitcoin ETFs may similarly undergo repeated cycles of 'rapid ascent—sharp pullback—prolonged recovery,' with peaks potentially rising progressively with each cycle.