Mark Yusko, founder of Morgan Creek Capital, shares his insights on the current and future states of cryptocurrencies during a tumultuous period. While addressing the dynamics within the ETF market, he offers a cautiously optimistic outlook, despite prevailing fears. Meanwhile, Bloomberg ETF expert Eric sheds light on the liveliness in the ETF sector just moments ago, potentially linking it to the recent surge in Bitcoin 
$77,710 prices.
ETF Activity
Bitcoin prices experienced a dip to $89,253 within 24 hours before bouncing back above $93,000. While reclaiming the $92,000 mark is a positive sign, the focus remains on maintaining daily closures above this level. Eric Balchunas highlights the reversal of excessive sales in the ETF sector today, noting a substantial daily inflow of $7 billion. This influx shifts towards treasury bonds, deviating from the conventional stock and gold combination. Despite Bitcoin ETFs seeing a $250 million outflow last month and a $3 billion withdrawal overall, about 97.5% of total assets remain solid. The persistent “fear” environment, despite notable market fluctuations, reveals resilience.
Eric does not perceive a significant issue and remains optimistic about the future. Although the market’s fear indicates echoes of past sales, Bitcoin maintains relative strength. Eric speculates whether the current bearish sentiment is overstated, with conclusions expected by month’s end.
Cryptocurrency Prognoses
The term “crypto winter” is prevalent, as altcoins struggle through seasons without witnessing bull markets, and Bitcoin’s impressive gains leave many experts unsatisfied with what should be higher peaks. Fed’s monetary expansion provides seemingly justified negativity, though intriguing contradictions arise.
Yusko suggests we’re in a bear market as long-term investors’ profit-taking accelerates the downturn. Intense futures market pressure amplifies this, yet a repeat of 2018 or 2022 is unlikely according to his forecast. At least, this is his expectation.
Mark Yusko, referencing Tim Peterson’s long-studied Metcalfe Law model, implies the true peak is yet unseen. In 2017, fair value was around $10,000, while the cycle’s peak hit $20,000. By 2021, fair value approached $33,000, with the peak at $69,000. In the current 2025 four-year cycle, fair value is $91,000, making the peak at $126,000 seem modest.
Yusko advocates for dollar-cost averaging (DCA) and optimistically projects the next cycle’s peak could reach half a million dollars. Despite acknowledging the current crypto winter in the short term, it is relatively mild compared to prior ones.
In the worst-case scenario, Yusko forecasts no dips below the historical $56,000 mark. Instead, he pinpoints $70,000 as a support level.
