Bloomberg analyst: Since 2022, bitcoin has still outperformed silver and gold; the institutional narrative has been priced in early, leading bitcoin into a consolidation phase.

BlockBeats News, January 28, Bloomberg ETF analyst Eric Balchunas posted on social media, saying, "I see some panic among bitcoin holders (and some schadenfreude among bears), but in my view, this is quite short-sighted. Since 2022 (before BlackRock filed for a bitcoin ETF), bitcoin has risen 429%, gold is up 177%, silver is up 350%, and QQQ is up 140%."

In other words, bitcoin's performance in 2023 and 2024 has left other assets far behind (though many seem to have forgotten this). Even if other assets later had 'the best year ever' while bitcoin was in a slump, they still have not caught up to bitcoin's performance to this day.

In my view, what really happened is that the 'institutionalization' narrative was priced in by the market too early and too quickly, and even before it actually materialized. Therefore, bitcoin needs a period of consolidation to allow real-world developments to catch up with the previous price surge."