Bitwise CIO Predicts Parabolic BTC Price Growth If ETF Demand Sustains

According to a ChainCatcher report, Bitwise's Chief Information Officer, Matt Hougan, posted on the X platform stating that if ETF demand remains sustained in the long term, the price of BTC will enter a parabolic growth phase. As an example, Hougan cited the 65% increase in gold prices in 2025, pointing out that both gold and BTC prices are determined by supply and demand. After the U.S. seized Russian government bond deposits in 2022, annual central bank gold purchases increased from about 500 tons to around 1,000 tons and have remained stable since. This increased demand altered the supply-demand balance, but the price did not immediately reflect this change. Gold prices rose 2% in 2022, 13% in 2023, and 27% in 2024, with a parabolic surge occurring only in 2025. This is because the demand in the previous years was met by holders willing to sell gold. When the selling pressure from these sellers was exhausted and demand remained strong, prices surged sharply. A similar situation is currently occurring with BTC and ETFs. Since the debut of ETFs in January 2024, their purchase volume has already exceeded 100% of BTC's new supply. The price has not yet entered a parabolic phase because existing holders are willing to sell. However, if ETF demand continues, the selling pressure from current sellers will eventually be exhausted, leading to a significant price increase.