According to Eric Balchunas, ETF trading is following a two steps forward, one step back pattern as originally predicted, indicating continued but measured inflows into crypto-related ETFs (source: Eric Balchunas Twitter, April 29, 2025). This trading behavior suggests that investors are cautiously optimistic, with periods of gains followed by minor pullbacks, which can create short-term volatility and opportunities for swing trading. Traders should monitor ETF volume and inflow data for signs of trend continuation or reversal, as these patterns can directly influence underlying crypto asset prices.