[Bloomberg Analyst: Bitcoin ETFs May Mirror the Boom-and-Bust Cycle of Gold ETFs] According to Deep Tide TechFlow, on July 17, Bloomberg ETF analyst Eric Balchunas stated that the 22-year development history of gold ETFs might provide the closest reference path for Bitcoin ETF investors. Both are packaging tools for value storage assets with no yield or cash flow, and their performance is primarily driven by investor sentiment rather than profits, interest payments, or policy support. Balchunas pointed out that the SPDR Gold ETF once rose rapidly, even briefly becoming the largest ETF in the world, but later experienced years of falling out of favor. Similarly, BlackRock's spot Bitcoin ETF, IBIT, also briefly reached $100 billion in assets under management before peaking. Due to the limited new supply of such products, concentrated inflows of demand can drive prices up quickly, but the demand itself is volatile, often surging in phases rather than maintaining steady growth. Overall, Bitcoin ETFs may follow the cyclical characteristics of gold ETFs, marked by sharp rises, significant pullbacks, and periods of recovery.