RT by @carleygarner: Many people forget just how long the 'winter' was for $GLD. It had an initial burst, even becaming the biggest ETF in world for one day in 2011 ,and then the bad times came and and it (saw 40% of investors bail) and took nearly a DECADE to get back to its that aum high again. Today it sits at nearly 3x that initial high water mark and has tied SPX perf since launching and is considered a wildly successful ETF category. My point: assets without cash flows run purely on sentiment and it changes. To me this is the closest analog to bitcoin ETFs and how to think about them.