Matt Hougan, Chief Information Officer of Bitwise, stated in an article on the X platform that if ETF demand continues in the long term, the price of BTC will enter a parabolic growth phase. Hougan cited the 65% increase in gold prices in 2025 as an example, pointing out that the prices of both gold and BTC are determined by supply and demand. After the US seized Russian government bonds in 2022, central banks' annual gold purchases increased from approximately 500 tons to approximately 1000 tons and remained stable. This demand altered the supply-demand balance, but it wasn't immediately reflected in prices. Gold prices rose 2% in 2022, 13% in 2023, and 27% in 2024, only experiencing parabolic growth in 2025. This is because the demand in the preceding years was met by holders willing to sell gold; when selling pressure was exhausted and demand persisted, prices surged. A similar situation exists for BTC and ETFs. Since the ETF's debut in January 2024, its purchases have exceeded 100% of the new BTC supply. The price has not yet entered a parabolic phase due to existing holders' willingness to sell. If ETF demand continues, the selling pressure from existing sellers will eventually be exhausted.
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