Bitwise: If ETF demand sustains long-term, BTC price will enter a parabolic growth phase

CoinVoice has learned that Bitwise Chief Information Officer Matt Hougan posted on the X platform stating that if ETF demand persists long-term, the price of BTC will enter a parabolic growth phase.

Using the example of gold prices rising 65% in 2025, Matt Hougan pointed out that both gold and BTC prices are determined by supply and demand. After the US confiscated Russian sovereign debt deposits in 2022, central banks around the world increased their annual gold purchases from about 500 tons to approximately 1000 tons, maintaining stability thereafter. This change in demand altered the supply-demand balance but was not immediately reflected in prices.

Gold prices rose 2% in 2022, 13% in 2023, 27% in 2024, and only entered a parabolic growth phase in 2025. This is because the demand in the previous years was met by holders willing to sell gold. When selling pressure from sellers is exhausted and demand continues, prices surge significantly. Currently, BTC and ETFs are experiencing a similar situation. Since the ETF’s debut in January 2024, its purchase volume has exceeded 100% of BTC’s new supply. Because existing holders are willing to sell, the price has not yet entered a parabolic phase. If ETF demand persists, the selling pressure from current sellers will eventually be exhausted.