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Bitcoin has risen about 350% since the ETF filings two years ago, as Bloomberg ETF analyst Eric Balchunas called attention to in a recent tweet.
The Bloomberg analyst was reacting to a crypto user who seemed to downplay Bitcoin's rise since spot ETF filings were filed two years ago.
Balchunas explains what Bitcoin's 350% rise meant in terms of annualized return. That is "93% annualized return, about 5x US stocks," Balchunas explained. He pointed out one of the reasons why Bitcoin's rise might have been downplayed: the fact that the gains might have come without a "god candle."
A god candle implies a sudden, massive and powerful surge in an asset's value over a short period. Bitcoin instead has steadily risen since a price of around $24,900 in September 2023, reaching an all-time high of $124,457 on Aug. 14, 2025.
According to Balchunas, Bitcoin's steady rise remains natural, being a less volatile move that remains beneficial. "This is the natural way of things for a maturing asset, less volatile movement, and there are many benefits to that," Balchunas said.
Bitcoin price
Bitcoin extended it's losses in a volatile week for digital assets, with about $140 billion in market value erased and a large options expiry looming.
At press time, Bitcoin was down 1.76% in the last 24 hours to $111,024 and down 6% weekly.
The next test comes Friday, when more than $17 billion in notional open interest tied to Bitcoin and about $5.3 billion for Ethereum is due to expire, according to derivatives exchange Deribit.
Cryptocurrency traders saw $1.7 billion in liquidations on Monday, triggering a sharp sell-off. Bitcoin has been largely trading in a range of $110,100 and $120,000 since early July, with subdued volatility.
More recently, Bitcoin has had a more muted response to the Federal Reserve’s quarter-point rate cut last week. Anticipated this week is the personal consumption expenditures index, the Fed's preferred inflation gauge scheduled for release on Friday.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team