Bitwise CIO Matt Hougan suggests that ongoing strong demand for Bitcoin ETFs may lead to a parabolic price surge similar to gold's pattern. Historical parallels are drawn to gold's supply-demand shifts after increased central bank purchases, where prices rose gradually before a significant jump once selling pressure from holders eased. Bitcoin ETFs have been buying more than new Bitcoin supply since early 2024, but prices have yet to surge due to holders' willingness to sell, which may eventually diminish and trigger sharp growth.