Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, posted on X on Saturday, November 14, 2026, articulating the challenges of investing in assets lacking cash flows. He observed that media coverage of gold ETFs from 2014 to 2018 was “absolutely brutal - as bad or worse than bitcoin lately.” Balchunas detailed how this “disrespect” occurred despite GLD outperforming the S&P 500 significantly from 2004 to 2011 and then rising 250% over the subsequent seven years. He concluded that the “Bigger takeaway here (and one that we point in the new book) is that assets without cash flows can be really hard to hold bc sentiment runs the show and they tend to do opposite of what you think/want and they get sht on the most from the media and high priests of investing despite how far they've come over long-term. It is a hard, hard road for investors.”
The analyst's remarks come as Bitcoin ETFs have recently experienced significant outflows, with institutional sellers locking in gains. Recent reports indicate Bitcoin ETFs posted $1.07 billion in weekly outflows, followed by an additional $1.5 billion in net outflows as institutional demand cooled, according to Gokhshtein Media coverage. The Crypto Fear & Greed Index currently stands at 10, indicating extreme fear in the digital asset market.
Balchunas implies that investors in assets like Bitcoin should anticipate periods of severe negativity and counter-intuitive price movements, driven by sentiment rather than fundamental cash flows. His historical comparison with gold suggests that long-term performance can still be strong despite initial media criticism and market downturns. Investors may need to brace for a challenging path, as these assets often defy conventional expectations and attract skepticism from traditional financial voices.
