On February 8th, Bloomberg ETF analyst Eric Balchunas posted on social media, stating, "The assessment that BTC ETF investors will be more 'resilient' than people think is correct, but my previous assumption that market volatility would decrease was wrong. I thought that the retail investors brought in by the ETF would replace the 'dumb money' retail investors that FTX previously had, thus making the market more stable. But what I didn't consider was the massive sell-off of Bitcoin OG."
I initially thought they were able to maintain HODL despite experiencing multiple rounds of extreme market conditions. Furthermore, a 450% increase in two years should itself be a warning sign—it's risen too much and too fast. We have never changed our view on BTC—it remains a highly volatile, high-risk asset, at least for the foreseeable future.
