Balchunas: “Bitcoin up 429% over four years… the recent pullback is merely a breather”

A warning was raised that bearish interpretations surrounding Bitcoin’s price pullback are being overread. Eric Balchunas, Bloomberg’s senior ETF analyst, said Bitcoin has overwhelmingly outperformed other major assets over the past several years, and that the latest move looks less like a trend reversal and more like a consolidation phase.

On the 26th (local time), Balchunas shared data on X comparing returns of major assets since late 2022, saying, “Since 2022, Bitcoin is up 429%, far outpacing gold, silver and the Nasdaq index.” He underscored that this point in time was just before BlackRock filed for a spot Bitcoin ETF.

According to the data he released, from Dec. 30, 2022 to Jan. 26, 2026, Bitcoin gained 429.14%. Over the same period, the gold ETF (GLD) rose 177.54%, the silver ETF (SLV) climbed 350.89%, and the Nasdaq-100 ETF (QQQ) advanced only 134.86%. The takeaway is that after Bitcoin posted outsized gains in 2023 and 2024, a relative pullback followed.

Commenting on the market’s reaction to Bitcoin’s recent weakness, he said, “Both the fear among Bitcoin holders and the excessive optimism from the opposing camp are merely short-term perspectives.” He added, “People are forgetting that even after other assets had a year at record highs, they still couldn’t catch up to Bitcoin’s performance.”

Balchunas attributed the backdrop of this correction to the “institutionalization narrative” being priced in ahead of time. “The narrative of Bitcoin’s mainstream adoption was reflected in prices too quickly and too forcefully before it actually played out,” he said, explaining that “the market then needed time for prices to pause so the reality could catch up.”

He went on to say, “This correction doesn’t mean Bitcoin has slipped into a coma—it’s a process of catching its breath,” adding that “there’s no need for the market to be excessively anxious.”