According to Eric Balchunas, Bitcoin’s recent price chart resembles ETF heartbeat trades, which he describes as short-term, tax-motivated transactions unrelated to actual market sentiment (source: Eric Balchunas on X, Dec 29, 2025). This indicates current BTC price swings may be driven by ETF flow mechanics rather than investor sentiment, highlighting sentiment-independent, tax-driven volatility patterns that matter for short-term trading decisions (source: Eric Balchunas on X, Dec 29, 2025).