From the ATHs on February 19, the S&P 500 is down -8%. Over the same period, Bitcoin is "only" down -13.5%. That's 1.7x beta. I think that's an important piece of silver-lining, particularly b/c their YoY returns have nearly 3x beta: • S&P 500 +10.5% YoY • Bitcoin +27.8% YoY