According to Eric Balchunas, BlackRock's filing for the IBIT Bitcoin ETF in 2023 coincided with Bitcoin trading at $30,000, shortly after the FTX collapse. As of June 2025, Bitcoin's price has surged to $110,000, delivering a 7x return compared to the S&P 500 during the same period (source: Twitter/EricBalchunas). This substantial outperformance has led to increased legitimacy and adoption of Bitcoin among institutional investors, providing strong trading momentum and signaling enhanced confidence in crypto markets.