Jim Bianco of Bianco Research highlights the risks of spot Bitcoin ETFs, noting they are mostly held by retail investors and hedge funds, not institutional investors. Investment advisors hold less than 1% of these ETFs, contrary to expectations. Bianco warns of potential selling pressure if Bitcoin's price falls below the average purchase price of $58,000. Bloomberg's Eric Balchunas counters, suggesting it's too early to judge the ETFs' long-term prospects, with institutional interest potentially growing.