Eric Balchunas, a senior ETF analyst at Bloomberg, has revised his assessment of Bitcoin ETFs, acknowledging that they have not reduced market volatility as initially expected. Balchunas had anticipated that ETF retail funds would stabilize the market by replacing speculative investors, but he underestimated the selling pressure from early Bitcoin holders. He noted that Bitcoin's 450% price surge over two years signals potential risk, reinforcing its high-volatility nature.