PANews reported on May 29th that Bloomberg ETF analyst Eric Balchunas tweeted that the historical 60-day volatility of the Bitcoin ETF IBIT has narrowed to approximately 34, while the gold ETF GLD is around 27, indicating a continued increase in the correlation between Bitcoin volatility and gold. The analysis states that since the outbreak of the Iran-Iraq war, IBIT has outperformed US stocks, and since BlackRock submitted its application for a Bitcoin ETF, its return has exceeded that of the S&P 500 ETF SPY by more than double. The commentary points out that as "volatility speculators" exit and long-term asset allocation institutions increase their holdings, Bitcoin is likely to exhibit low volatility characteristics similar to gold in the near future.