Latest developments: Balchunas argued investors are overreacting to recent Bitcoin ETF redemptions.

• Speaking with CoinDesk’s Jennifer Sanasie and Dave Lavalle on Public Keys, Balchunas said roughly $3 billion in outflows from a market with about $100 billion in assets is “totally meaningless” compared with normal ETF flow patterns.
• He compared Bitcoin ETF flows to major S&P 500 funds, which regularly experience inflows and outflows without signaling a fundamental shift in investor sentiment.
• Despite a roughly 50% Bitcoin drawdown, cumulative net flows since spot Bitcoin ETFs launched remain near record levels, which Balchunas described as unusually resilient for a volatile asset class.

What this means: Balchunas sees long-term demand…