Bitcoin ETFs are drawing comparisons to the SPDR Gold Shares (GLD) ETF, which experienced a dramatic boom-and-bust cycle before ultimately proving its long-term viability. GLD briefly became the world's largest ETF in 2011 but subsequently saw 40% of investors exit during a prolonged downturn that lasted nearly a decade before assets under management recovered to their initial peak. Today, GLD sits at approximately three times its original AUM high-water mark and has matched S&P 500 performance since inception, cementing its status as a successful ETF category. The key takeaway for Bitcoin ETF investors: non-cash-flow-generating assets trade purely on sentiment, which can shift dramatically over extended periods. The GLD trajectory suggests that early volatility and investor exodus do not necessarily predict long-term failure.