PANews February 7 news, Bloomberg senior ETF analyst Eric Balchunas posted on X platform to 'reflect' on the funding structure assessment of Bitcoin ETFs. He stated that his previous judgment that the investor structure of Bitcoin ETFs would be stronger than market expectations is still basically valid, but he had anticipated that ETF funds would reduce market volatility, a judgment that has proven to be incorrect. Eric Balchunas mentioned that he originally believed that retail funds in ETFs would replace the highly speculative retail investors before the FTX incident, thereby enhancing market stability, but he did not fully consider the selling pressure effects brought about by early holders (OGs) reducing their positions at high levels. He also pointed out that Bitcoin's approximately 450% rise over two years is itself a potential risk signal, as rapid increases are often accompanied by high volatility; therefore, the characteristic of Bitcoin as a high-volatility, high-risk asset will continue in the foreseeable future.