GOLD DID THIS FOR 3 YEARS -- BITCOIN IS NEXT Bitwise CIO Matt Hougan broke this down with Nate Geraci, and the analogy matters. Central banks bought gold aggressively for three straight years. Price went nowhere at first because existing holders kept selling into demand. Then sellers ran out -- and gold went vertical. That’s the same dynamic playing out in $BTC today. ETFs aren’t underperforming. They’re absorbing supply from legacy holders. Institutions are buying more than new issuance, but price hasn’t reacted yet because supply is still being handed over. That supply isn’t infinite. Gold already ran this script, #Bitcoin is just earlier in the cycle.