Bitcoin may no longer be the rollercoaster ride it once was. According to Blockware analyst Mitchell Askew, the launch of spot Bitcoin ETFs has fundamentally reshaped the asset’s behavior—replacing extreme price swings with slower, more predictable trends.
Askew argues that BTC’s market personality has split in two: pre-ETF and post-ETF. He suggests the days of explosive bull runs and brutal crashes are fading, with Bitcoin now entering a long-term trajectory toward $1 million, marked by steady “pump and consolidate” cycles rather than dramatic parabolic moves.
Bloomberg’s Eric Balchunas supports this view, noting that lower volatility is helping Bitcoin appeal to larger, institutional investors. But there’s a tradeoff—those infamous “God Candles” of vertical price spikes may be a thing of the past.
The shift toward ETF-driven exposure has deeper implications. With more capital flowing into custodial financial products rather than directly into BTC, traditional finance is taking a firmer grip on crypto markets. This trend could stall capital rotation into altcoins and reduce onchain activity, even as ETF inflows surpass $50 billion.
BlackRock, for instance, now holds roughly 3% of all Bitcoin, raising fresh concerns about centralization and long-term liquidity risks.
Bitcoin, once known for its extreme unpredictability, may be settling into a slower rhythm—one that could frustrate short-term speculators but attract more institutional capital over time.
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/market/bitcoins-etf-era-may-have-killed-the-hype-cycles-for-good/