Bloomberg's ETF Analyst Says Bitcoin Funds Will Triple Gold Hours After Admitting They Burned Cash

Bloomberg’s ETF Analyst Says Bitcoin Funds Will Triple Gold Hours After Admitting They Burned Cash

Bloomberg's top ETF analyst made two posts ninety minutes apart that told very different stories about Bitcoin funds, and the price charts make one of those posts much harder to defend than the other.

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Bloomberg’s senior ETF analyst Eric Balchunas told his followers on X Thursday that Bitcoin ETFs will one day “triple gold in assets”. He posted that forecast at 12:11 PM ET. Ninety minutes earlier, at 10:46 AM ET, he conceded on the same platform that by one common industry definition Bitcoin ETFs have “in fact burned cash.”

The scoreboard between the two flagship funds makes the split-screen even sharper. Over the past year, the iShares Bitcoin Trust (NASDAQ:IBIT) is down 34.44%, while SPDR Gold Trust (NYSE:GLD) is up 17.67% and up 143.99% over five years.

Two Posts, Ninety Minutes Apart

The Bloomberg analyst’s morning began with a definitional retreat. Replying to a follower, he wrote: “Burn cash = flows are greater than dif in assets from begi...