Bitcoin has been through, you know, seven or eight of these.

And after everyone, it hits an all-time high.

Stocks have the same thing.

Every time stocks go down, I remind myself and then other people that stocks have a 100% perfect record of coming back to hit all-time highs from a downturn.

So why would I worry that much?

Hey, everyone, you're watching Markets Outlook, and I'm Jen Sanassi.

Now, while Bitcoin is down more than 40% from its October highs, our next guest notes that the amount of Bitcoin held by ETFs is actually only down around 6%.

Seeing your ETF analyst for Bloomberg Intelligence, Eric Volchunas joins us now.

Hey, Eric. by ETFs is actually only down around 6% senior ETF analysts for Bloomberg intelligence.

Eric Volcunas joins us now. Hey, Eric. Hey, how are you? I'm doing well, thanks. I think a lot of folks who are watching crypto markets out there aren't doing as well as me who just observes. Talk

to me about how you're watching the markets this morning.

Yeah, I mean, it's bad. It just feels bad. You know, it's bare market feelings.

I think with Bitcoin, it's worse than most assets because it's way more, the roller coaster ride is way steeper.

So when you're on one of these sort of like downfalls, it just hurts more, you know.

But this happens to every asset.

The downturns don't feel good, whether you're a stockholder.

Even bonds go down sometimes.

But the volatility and this feeling, this depressed feeling, is kind of the cost of the holy grail returns that most people have gotten, right?

This is like what the eighth or ninth time on a drawdown more than 40%.

And the reason that a lot of people didn't make a lot of money in Bitcoin is they couldn't handle it. So this is like an only-the-strong survive type asset. The ETF investors are strong investors. I've seen them operate in stocks. They tend to hold really strong. So I predicted they'd be pretty good. But at some point, you know, as it goes down, people are like underwater, like with the price is lower than when they came in at.

You could see some people peel off.

But in the end, 6% of people have left.

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