Interesting. My quantile model also shows Bitcoin has been cheaper than this level only about 4% of the time across its observable history, as measured by this model’s placement along the quantile bands. We are sitting in a region that has usually been associated with depressed valuation and lower long-run risk... https://bitcoinintelligence.substack.com/p/bitcoin-valuation-models-point-to(Sina 🗝️⚡ BI Report)