BloFin CEO Matt Hu Says Bitcoin’s Next Downturn May Be Less Severe as ETF and Treasury Investors Anchor the Market

Matt Hu, CEO of BloFin, argues that Bitcoin’s future crashes could be milder because the ownership base has shifted toward long‑term holders such as ETFs and corporate treasuries. He notes that despite recent outflows—$635 million on Oct 22—total BTC held by U.S. spot ETFs remained roughly 1.3 million BTC, unchanged since January. Hu points out that Bitcoin’s most recent bear‑market decline of 53% is far less than the 77–85% drops seen in earlier cycles, assuming June is the bottom. He warns that a sustained drop in ETF holdings, forced selling by treasury companies, or a shrinking long‑term holder base would undermine this view. Current on‑chain data show ETF investors and treasury firms have average acquisition costs near $81,500 and $80,200, respectively, so a prolonged slide below those levels could trigger further selling. Analysts suggest that breaking the $80,000–$82,000 support zone could push Bitcoin toward a deeper trough around $73,000–$75,000.