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Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, observes that Bitcoin is falling as the market reacts strongly to Michael Saylor selling a small amount.
He compares this response to the taper tantrum about 15 years ago, when a minor signal from the U.S. Federal Reserve about reducing asset purchases led to broad market disapproval. Balchunas sees a similar sentiment in the current Bitcoin market movement.
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Balchunas has previously reported that institutional investors seek bitcoin ETFs as alternatives to gold, rather than vehicles for speculative gains. He also recently highlighted Hyperliquid’s approach of allocating 99% of trading fees to buy back its own token. His commentary often tracks shifts in both traditional and digital asset strategies.