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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.
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.