On July 27, Blockware BTC analyst Mitchell Askew stated that Bitcoin will no longer experience "parabolic" price increases or "devastating" bear markets, as the existence of spot ETFs has permanently reduced volatility and changed market dynamics. Bitcoin appears to be two completely different assets before and after the ETF launch, and will reach $1 million through continuous oscillation of "rises" and "consolidations" in the next 10 years. This journey will make everyone feel bored and squeeze out short-term speculators. The chart shared by Mitchell Askew shows that Bitcoin's price volatility has significantly decreased since the US launched Bitcoin ETFs in January 2024.
Bloomberg senior ETF analyst Eric Balchunas had previously stated that reduced volatility helps Bitcoin attract larger investors and provides a glimmer of opportunity for its adoption as a currency, but at the cost of potentially no longer having "god-level candlestick charts". Spot ETFs further interweave traditional finance, institutional investors, and the crypto asset market.
