Bloomberg Analyst: Bitcoin Will "Spiral Upwards"

Eric Balchunas, a senior ETF analyst at Bloomberg, said bitcoin will "spiral upward" due to the high volume of ETF trading and low supply. Because BTC is a scarce asset and not a lot of people trade it, people just hold it, it's a very small liquidity. the more demand there is for ETFs, the more the liquidity is affected," he said. The more the float is affected, the more the price will go up, which will create more demand and Bitcoin could go through a spiral for a while." Balchunas warned that ETF volume may not be able to stay at current levels and the price is at risk of a pullback.