“This Is WAY Bigger Than BlackRock” – Eric Balchunas Bitcoin Prediction

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The SEC’s approval of Bitcoin ETFs is changing the global monetary scene, sparking an increase in bitcoin trading.

On the first day of spot bitcoin ETF trading, there were 700,000 transactions, totaling $4.33 billion. Grayscale’s bitcoin ETF added $2.1 billion, and BlackRock’s fund contributed $1 billion. This rise hints at bitcoin reaching $50,000 by April 2024.

Recently, Bloomberg’s ETF expert, Eric Balchunas, spoke on the ongoing criticisms related to these ETF launches.

He talks about the success of specific ETFs, trading at rates 50 to 500 times higher than usual. He notes two groups critiquing these launches – econ Twitter and Bitcoin skeptics. Eric discusses the ‘newborn nine,’ predicting their growth and recognizing their strong start.

However, make sure to stay until the end of the video where Eric shares his predictions on the future of Bitcoin and ETH ETF’s.

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“This Is WAY Bigger Than BlackRock” – Eric Balchunas Bitcoin Prediction

There’s been like 120 ETF launches we’ve only talked about 10 of them but there’s been 120 right and most of them have do nothing I mean they’re like crickets they’re lucky to get a million dollars in trading so here here come these they trade 50 to 500 times the norm not

Percent increase but times and the people are unsatisfied and I I realized that there’s two groups that are mainly crapping on it it’s the econ twit um and just general people who who hate Bitcoin they like to troll the Crypt Bros so this is a great way to say man

These are underwhelming it sort of signals to the rest of econ they’re cool and it basically trolls the crypto Bros to going crazy because oh my God what did you mean it wasn’t successful so I get why they would do that there that’s their motivation the when Moon crowd they were

Like thinking oh my God we’re g to get this like huge God candle or whatever the god candle and and it kind of flattened it went down a little bit there was a sell the news kind of event and they’re all like trying to investigate wait a second the gbcc

Outflows kind of match the inflows to the ETA the other ones there’s no new net buying and they’re you’re playing Sherlock Holmes and they’re frustrated because they wanted that bump two things on that a it went up 80% on the rumor or optimism of approval you have to factor

That into all this if you start if you go from approval day on and you’re like what have you done for me lately you have a major perspective problem you need to get outside touch grass read a book get into a relationship find something else to do Bitcoin demand

Shock has begun and it’s so obvious to anyone paying attention that’s the message out from Bloomberg ETF analyst Eric balcon housee the launch of the Bitcoin ETFs broke all ETF records with billions upon billions being traded in the first two weeks however because we didn’t get a god candle some think the

ETFs were a failure recently Bloomberg’s ETF expert Eric balcon now spoke on the ongoing criticisms related to these ETF launches he pointed out that the ETFs have traded 50 to 500 times higher than usual ETFs that ETFs have unlocked 30 trillion in New Capital to bitcoin but

It’s not all going to come overnight make sure to stick around to the end of the video where Eric shares his predictions on the future of Bitcoin and ETFs also guys if you want to stay most up to date on the crypto world I send out a daily 5-minute crypto newsletter

That covers expert predictions onchain data breakdowns and breaking news all for free click the first link in the description enter your email and join Over 40,000 others in becoming a better crypto investor right now now here’s Eric balcon house with his Bitcoin prediction you know I’m a 60/40 investor

I I’m happy with 7% a year so the idea that you could still be at 50% or something year-to date and be bitching and moaning is insane to me so there’s that kind of perspective now every time there’s a runup like when the FED is supposed to lower rates there’s a

Run up in the stock market before the FED announcement like this is what happens in markets there’s a runup before for an expected outcome so there’s a seldom news event second there’s been a lot more um buying in flows than there has been gbtc outflows but the numbers and the volume is so

Dramatically off the charts and abnormal I’m not really sure what planet people are from that that it’s not enough or they didn’t think it they thought it would be bigger um certainly there was a lot of hype and maybe it just underwhelmed compared to that but that’s

A relative issue that I can’t help them I can only go with reality and the past the number num and this was like top .1% ETF launch ever if you go by we’ll go by flows right so the newborn 9 and again I separate out the newborn 9 because gbtc

Coming over and is is a fully grown adult you know launching a new ETF is like sending a little baby into the Amazon jungle it’s got nothing and to actually survive alone is is a is a is great to get actual big you are now a total warrior gbtc came came into the

Jungle with like a mansion armed guards all the food it wanted like it’s not fair so gbtc is a separate entity the newborn n which again these are all first ever have taken in $3 billion they’ve traded about $6 billion those are crazy numbers so the volume alone that six

Billion that’s more like that’s like multitudes more than all 500 ETFs launched last year traded combined like it pick a day this week they trade about you know maybe close to a billion dollars the 500 of them together and these guys are you know these guys have done six billion of that they’re

Averaging more than the 500 combined basically so it’s hard to do this in the first couple days and the other thing I’m mentioned which I’m about to tweet out and Matt is going to get a kick out of this this is amazing to me the volume usually on these big hyped up launches

It starts high and it comes down like 25% a day and then you hope it it it settles into like 70 million a day or something like that you’d be happy with that it went up today so today all of them are trading more than they did the

Day before that is a really good sign you never see that that tells you there’s legs here it’s not just like some hype thing that like fizzled away so I can’t think of any like there it would be hard to find a better better data yeah look a lot of people are

Trapped in there and it’s it they’re going to have to play with this dilemma of whether to realize capital gains or stomach to 1.5% and the math probably is going to favor staying in there for many of them to be honest yeah um now over time and if if there is a

Little bare market for the next six months that’s that could open up a lot of those captives same thing with mutual funds we’ve estimated about a trillion dollars is just people who would leave if they could but they’re just sitting on too many gains over like 30 years and

So this is again gbtc is really playing the role of the high cost mutual fund in a parallel way so I think there’ll be a steady bleed I don’t I don’t think they’ll be like you know 10 billion out in one day but so far it’s been um about

A half a billion a day um but the the discounts narrowing and that’s good I think maybe you’ll see that level off a little um but I would you know looking at that flow chart I think it’ll be a while before we see we inflows if ever

Um and that’s going to be their decision to make they’re going to have to wrestle with the fee versus the flows because let’s face it I told people this if you’re uh shopping for a car and the same car is like $21,000 or $150,000 I mean come on I mean that that

Is too extreme now you could say well gr scale has liquidity um options on it yada yada but even at that price it’s a tough sell I that’s why I think Black Rock coming at 30 kind of everyone to tether to that because you now everybody

Has to go out and explain well I can get black rock at 25 or 30 you know what yeah you can probably get up to 45 before it’s just undoable with you know your your please of you know hey I’m an expert or we do this other thing or we

We’ll donate to this organization but there comes a point where that that like give is over and I think it may be 10 bips and they’re like what 120 bips so they’re like Way Beyond the elasticity of a fee a fee obsessed adviser in my

Opinion I want to just also go in the alt concept here I do I do think it’s an ALT to certain people I think if you’re an adviser or um I’ll use advisor I think because they’re the classic 60/40 types you know again I think there’s a little pocket in the portfolio for

Highly speculative stuff we call it the hot sauce bucket I think it fits there I don’t think it fits in an ALT bucket to an adviser or a regular sort of non-institutional investor they’re not big fans of alts anyway but what they what they do you know advisers always

Worried about career risk so I think the Bitcoin ETF does a couple things for them one it gives him something else to talk about it differentiates the portfolio a little bit it also cures any possible fomo complaints down the road like oh why didn’t you put me in this

It’s now up to what ever price and I think also if they’re trying to impress the kids of the Boomer clients this may look like hey I’m I’m cool too um so there’s there’s a there’s a couple reasons I think it makes sense that are totally different than the way an

Institution might see it as an alt and a way to sort of like bring the sharp ratio up in a portfolio and the advisers are going to see it more that other way um and there’s no there’s no problem with that Arc is the classic case of

Putting a little hot sauce on the 6040 what we found that is the more passive grows in portfolios the more there’s a demand for the exact opposite and that’s where Kathy Wood in ironically was built on the shoulders of Jack Bogle even though he would have not liked her

Program She is totally complimentary to a Vanguard portfolio Vanguard portfolios are great but the problem is you got to wait 30 years to really feel the magic of compounding and your board is Bored to tears in the meantime it’s it’s like watch literally watching a tree grow in

Your backyard for 30 years I mean you would go nuts so this occupies you a little bit and there’s nothing wrong with that in in my opinion this is actually a behavioral hack to keep you from touching the the stuff that’s got to grow Matt will say this should grow

Too and I don’t I think it it’s it should the other thing is in the hot sauce that has to grow like if Kathy Wood’s right and we’ve got Ro uh taxi automatic you know robot taxi cars and uh you know all this you know futuristic

Stuff then you need to be disciplined in a very volatile investment to fulfill that dream the core of Vanguard Holdings is awesome for giving you the intestinal fortitude to hang with the volatile stuff so this to me is a great compliment you know you got the serious stuff and the vegetables covered with

Vanguard and you don’t need to sell the Bitcoin or the ark when it crashes for a year because it’s not the main thing and this is a big deal and I think that’s how I would position this in a portfolio we’re at about 65% we haven’t dove into it but we

We we we talk quickly we say Okay two-thirds chance the the big we’re hanging our hat on two things they app they approved e Futures so if you want to come at me with the whole Securities thing or whatever it doesn’t matter they already approved e

Futures ifof facto you get sued if you don’t approve it and gr scale is one of the people with an with the filing they want to convert their trust so we’re kind of in like a Deja Vu and black rock filed and you know they’re not they’re

Not messing around so that’s the pro case the anti- case is gendler’s rebuttal basically was like don’t expect anything else for a while U we hate everything you know don’t ask about other coins but I think he just needed to vent I think he needed to be on the

Record to all his Democratic friends that um I hate this yes yes I did it but I hate it believe me I’m with you I don’t I think he was harsher than reality will dictate down the road so I could see one coming out in May the the

Wild card here is the price of Bitcoin I mean if Bitcoin double tomorrow those would all be worth six billion but I’m looking at flows that’s the hard stuff yeah I’d say 10 to 15 billion would be a really good first year and they’re already at three I agree flows and we

Think bitcoin’s price is going up this year substantially so AUM will be higher what to what price m you is your compliance we’re on the record of saying we’ll set a new alltime high we think it’s going to top 80,000 this year so there’s Eric balcon house breaking down

The crypto market and why it’s obvious the launch of the ETFs were a success in a nutshell Eric’s view is that the crypto ETF scene is looking promising a record-breaking launch with 30 trillion of capital now able to join the Bitcoin space to anyone paying attention demand

Shock is truly upon us before we go a quick reminder for those who are keen on staying updated in the fast-paced world of crypto and Bitcoin consider subscribing to my daily 5minute crypto newsletter it’s a concise resource for the latest expert predictions breaking news and top onchain analysis trusted by

Over 40,000 subscribers for insightful crypto investment information click the first link in the description to join the community and elevate your crypto investment knowledge today anyway guys hope you all enjoyed today’s video and that provided you with some value I’ll see you all in the next one and as always all the best