As reported by The Block, citing Bloomberg, Senior ETF Analyst Eric Balchunas says bitcoin exchange-traded funds may be tracing a pattern similar to gold ETFs, with rapid gains followed by declines and long periods of stagnation. He argues that both products package non-yielding stores of value that generate no cash flow, leaving prices and fund demand heavily driven by sentiment rather than earnings, bond coupons or government backing. Balchunas says the constrained supply of both bitcoin and gold can amplify demand and trigger sharp price rallies, but that demand tends to arrive in waves instead of building ... (full story)