BloFin CEO Matt Hu said Bitcoin’s future bear-market declines may be less severe as ETFs and corporate treasuries broaden its long-term investor base. ETF-held Bitcoin remained broadly stable through downturns, according to BeInCrypto, and BloFin Research estimated U.S. spot ETFs held roughly 1.3 million BTC, broadly unchanged since January. Hu said sustained ETF outflows, forced treasury-company selling or a shrinking long-term-holder base would invalidate that view. He also sees government debt as a potential long-term Bitcoin catalyst but doubts a traditional altcoin season will return as tokenized assets compete for capital.