According to Odaily, Bitwise Chief Information Officer Matt Hougan expressed on the X platform that if the demand for ETFs persists over the long term, Bitcoin's price could enter a phase of parabolic growth. Hougan drew a parallel with the projected 65% increase in gold prices by 2025, noting that both gold and Bitcoin prices are influenced by supply and demand dynamics.
In 2022, following the U.S. seizure of Russian sovereign debt deposits, central banks worldwide increased their annual gold purchases from approximately 500 tons to around 1,000 tons, maintaining this level consistently. This shift in demand altered the supply-demand balance, although it did not immediately reflect in gold prices. Gold prices rose by 2% in 2022, 13% in 2023, and 27% in 2024, with parabolic growth only occurring in 2025. This pattern emerged because the demand in previous years was met by holders willing to sell gold, and once the selling pressure from these holders was exhausted, prices surged significantly.
Currently, Bitcoin is experiencing a similar situation with ETFs. Since the debut of ETFs in January 2024, their purchase volume has exceeded the new supply of Bitcoin by 100%. Despite this, prices have not yet entered a parabolic phase due to the willingness of existing holders to sell. If ETF demand continues, the selling pressure from current holders will eventually be depleted, potentially leading to a significant price increase.