Bitwise CIO: Sustained ETF demand could fuel gold-like surge for BTC

Bitcoin could experience a price surge similar to gold if demand from exchange-traded funds (ETFs) continues, according to a statement on X by Matt Hougan, Chief Investment Officer of Bitwise. He explained that while central bank purchases are often cited for gold's price increase, the actual mechanics were more complex. Hougan noted that central bank demand for gold began to rise in 2022, with annual purchases doubling from 500 to 1,000 tons after the U.S. froze Russian-held Treasury assets. However, the price did not react immediately due to selling from existing holders. Instead, gold saw gradual gains, rising 2% in 2022, 13% in 2023, and 27% in 2024, before experiencing a major surge in 2025. Hougan argued that Bitcoin is following a similar pattern. Since the launch of spot ETFs in January 2024, the market has absorbed more BTC than has been newly issued. He attributed the muted price response to selling pressure from existing holders. Hougan concluded that this selling pressure is finite and that if ETF demand persists, a significant price increase is highly likely.