Increased ETF Demand Cited as a Catalyst for Bitcoin‘s Next Parabolic Run, According to ETF Expert ⋆ ZyCrypto

ETF strategist and BitWise CIO, Matt Hougan, believes Bitcoin’s next parabolic advance could be driven less by short-term speculation and more by sustained exchange-traded fund demand.

Hougan reached this conclusion by juxtaposing Bitcoin’s current setup with gold’s delayed breakout cycle.

The ETF expert argues that both gold and Bitcoin prices are ultimately governed by supply and demand dynamics, challenging the popular narrative around gold’s 65% surge in 2025.

Central bank gold purchases rose from roughly 500 tonnes annually to about 1,000 tonnes in 2022, after the freezing of Russian assets. Yet, prices did not immediately respond.

Gold gained just 2% in 2022, followed by 13% in 2023 and 27% in 2024. The parabolic move only arrived in 2025, once persistent demand exhausted willing sellers.

According to Hougan, Bitcoin is following a similar trajectory. Since spot Bitcoin ETFs launched in January 2024, these vehicles have consistently absorbed more than 100% of the newly mined Bitcoin supply.

Despite that imbalance, prices have not yet accelerated sharply because long-term holders have been willing to sell into ETF inflows.

Hougan believes that if institutional ETF demand remains durable, those sellers will eventually run out, creating the conditions for a sharp repricing higher.

Meanwhile, market conditions are beginning to reflect that tension. Bitcoin recently reclaimed the $92,000 level, aligning with other traditional assets. For instance, gold and silver pushed to fresh highs, and U.S. equity futures turned modestly positive.

Nasdaq futures rose 0.05%, while S&P futures advanced 0.10% in pre-market trading, supporting a broader risk-on tone.

Data from CoinMarketCap shows Bitcoin gaining 1.82% over the past 24 hours, rebounding from a 1.44% weekly decline and extending a 3.74% monthly advance.

However, sentiment is still divided. Analysts are watching whether Bitcoin can hold the $92,000 zone as a support resistance flip, with $90,500 viewed as the key line for directional conviction.