High Risk, Correlation, Poor Performance - Bitcoin, IBIT The crypto bear market may be in its early days if performance since Bitcoin ETFs began trading in January 2024 is a guide. My graphic shows the flat total return of the iShares Bitcoin Trust ETF (IBIT) vs. the State Street SPDR S&P 500 ETF Trust (SPY) since IBIT was launched about two years ago. What's notable is roughly the same Bitcoin-to-beta total return came with about 4x the volatility, and the 200-day correlation near 0.5. High volatility and correlation, absent superior returns, typically top the list of things to avoid in proper diversification. My bias is the crypto bust may be just beginning. There was one in 2009 -- Bitcoin -- and now there are millions, most tracking little of substance yet still valued in the billions. Bitcoin may revisit $10,000, especially if beta declines. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/td81eckiupwh {BI COMD} #Bitcoin #stockmarket #Etfs @BBGIntelligence(Mike McGlone)