JPMorgan: $BTC Volatility Decline Leads to Its Underestimation Relative to Gold

JPMorgan pointed out that Bitcoin's six-month volatility has dropped from 60% to a historical low of 30%, making its valuation appear low compared to gold.

Currently, BTC volatility is only twice that of gold, with the gap reaching a historical minimum. After adjusting for volatility, BTC's market cap would need to rise by 13% (to about $126,000 per coin) to match gold's $5 trillion scale.

According to JPMorgan's model calculations, the current BTC valuation is undervalued by about $16,000. Analysts attribute this phenomenon to the rising demand for corporate capital allocation, with companies currently holding 6% of the circulating BTC supply, similar to central banks' operations to stabilize the bond market in the past.

As index inclusion and large-scale capital allocation accelerate, the increasing adoption by corporations is attracting more institutional capital into the market.

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